Coromandel International Limited’s
Consolidated revenue crosses
Rs.10000 Crore

 

Secunderabad, 13 May 2014: Coromandel International Limited, India, leading manufacturer of a wide range of Fertilisers, Crop Protection Products and Specialty Nutrient Products, has reported the audited financial results for the quarter and year ended 31st March 2014.

The Board has declared a dividend of rs4.5/- per share (450% on face value of rs1 per share)

Consolidated performance for the year ended 31st March 2014 and Q4 (Jan 14-Mar 14)

During the quarter ended 31 March 2014 the Company’s consolidated turnover is rs2184 crore registering a growth of 5% in comparison to the corresponding quarter last year of
rs2079 crore Profit before depreciation, interest and taxes (EBITDA) for the quarter ended 31 March 2014 is rs180 crore against corresponding quarter last year of rs84 crore registering a growth of 114%. Consolidated net profit after tax for the quarter is rs81 crore as against rs12 crore in corresponding quarter last year.

For the year ended March 2014 the Company’s consolidated turnover is rs10053 crore registering a growth of 11.3% over previous year turnover of rs9034 crore. Consolidated profit before depreciation, interest and taxes (EBITDA) for year ended March 2014 is rs805 crore against previous year of rs768 crore registering a growth of 4.8%. Consolidated net profit after tax is rs357 crore, as against rs432 crore in the previous year.

The Company’s subsidiary Sabero Organics reported a turnover of rs724 crore for the year ended March 2014 and rs162 crore for the quarter ended March 2014. Net profit after tax for the year is rs32 crore and rs3 crore for the quarter ended March 2014.

Standalone performance for the year ended 31st March 2014 and Q4 (Jan 14-Mar 14)

During the quarter ended 31 March 2014, the standalone turnover (including erstwhile Liberty Phosphates Limited and Liberty Urvarak Limited) is rs2031 crore in comparison to the corresponding quarter last year of rs1948 crore. Profit before depreciation, interest and taxes (EBITDA) for the quarter ended 31 March 2014 is rs163 crore against corresponding quarter last year of rs72 crore. Net profit after tax for the quarter is rs77 crore against corresponding quarter last year rs14 crore.

On a standalone basis the turnover (including erstwhile Liberty Phosphates Limited and Liberty Urvarak Limited) for the year ended March 2014 is rs9381 crore as against previous year of  rs8560 crore. Profit before depreciation, interest and taxes (EBITDA) for the year ended March 2014 is rs739 crore against previous year of rs734 crore. Net profit after tax is rs345 crore as against rs444 crore in the previous year.

Pursuant to the Scheme of amalgamation, sanctioned by the Hon’ble High Court of Judicature of Andhra Pradesh (AP) vide their Order dated 7 April 2014 and by the Hon’ble High Court of Judicature of Gujarat vide their order dated 24 April 2014, the entire business undertaking of Liberty Phosphates Limited and Liberty Urvarak Limited have been transferred to and vested in the Company retrospectively with effect from 1 April 2013 being the Appointed Date as per the Scheme.

During the year, the Company acquired the Business undertaking of M/s. Tungabhadra Fertilizers and Chemicals Company Limited (TFCCL), as a going concern on a slump sale basis.

During the year, the Board of Directors of the Company and its subsidiary, Sabero Organics Gujarat Limited (“Sabero”), approved a Scheme of Amalgamation for amalgamation of Sabero with the Company subject to the approvals of the stock exchanges, the respective shareholders and creditors, the concerned High Courts and other regulators. The Company has received their no-objection to the Scheme from the stock exchanges and has filed the necessary application before the concerned High courts.

The Company has also entered into a JV alliance with Yanmar & Co. of Japan and Mitsui & Co. of Japan for manufacturing, marketing and providing after sale services of rice farm machinery in India. A company is being formed which will include three partners – Coromandel, Yanmar and Mitsui.

Commenting on the financial results, Mr. Kapil Mehan said – “Our concentrated efforts in providing quality inputs for the growth of agriculture in India gets reflected in our steady performance in adverse market conditions. Lower phosphate fertiliser imports resulting from demand contraction and a good monsoon in 2013-14 have allowed the industry to reduce pipeline stocks that had been built up during the year 2012-13. Disciplined approach and focused marketing initiatives helped in increasing market share for fertilizers and registering growth in all other businesses including Mana Gromor retail chain”.

About Coromandel International Limited

Coromandel International Limited, India’s second largest Phosphatic fertiliser player, is in the business segments of Fertilisers, Specialty Nutrients, Crop Protection and Retail. The Company manufactures a wide range of fertilisers and markets around 2.9 million tons making it a leader in its addressable markets.

In its endeavor to be a complete plant nutrition solutions Company, Coromandel has also introduced a range of Specialty Nutrient products including Organic Fertilizers. The Crop Protection business produces insecticides, fungicides and herbicides and markets these products in India and across the globe. Coromandel has also ventured into the retail business setting up more than 641 rural retail centers in the States of Andhra Pradesh and Karnataka.

The Company has clocked a turnover of rs8,560 Cr during FY 2012-13. lt was ranked among the top 20 best companies to work for by Business Today and was also voted as one of the ten greenest companies in India by TERI, reflecting its commitment to the environment and society. Coromandel is a part of the INR 225 Billion Murugappa Group. For more details, please visit www.coromandel.biz

About Murugappa Group

Founded in 1900, the INR 225 Billion Murugappa Group is one of India’s leading business conglomerates. The Group has 28 businesses including eleven listed Companies traded in NSE & BSE. Headquartered in Chennai, the major Companies of the Group include Carborundum Universal Ltd., Cholamandalam Investment and Finance Company Ltd., Cholamandalam MS General Insurance Company Ltd., Coromandel International Ltd., Coromandel Engineering Company Ltd., E.I.D. Parry (India) Ltd., Parry Agro Industries Ltd., Sabero Organics Ltd., Shanthi Gears Ltd., Tube Investments of India Ltd., and Wendt (India) Ltd.

Market leaders in served segments including Abrasives, Auto Components, Cycles, Sugar, Farm Inputs, Fertilizers, Plantations, Bio-products and Nutraceuticals, the Group has forged strong alliances with leading international companies like Groupe Chimique Tunisien, Foskor, Mitsui Sumitomo, Morgan Crucible and Sociedad Química y Minera de Chile (SQM). The Group has a wide geographical presence spanning 13 states in India and 5 continents.

Renowned brands like BSA, Hercules, Ballmaster, Ajax, Parry’s, Chola, Gromor and Paramfos are from the Murugappa stable. The organization fosters an environment of professionalism and has a workforce of over 32,000 employees.

For Media queries, please contact:
Sreenivasa Rao Behara
Head – PR, Coromandel International Limited
Tel : 040 – 66997476, 27842034/27847212
Mobile : 0-9963550040
Email: sreenivasaraob@coromandel.murugappa.com