Coromandel International Limited’s
Q1 Sales grows marginally
Secunderabad, 23 July 2013:Coromandel International Limited, India’s leading manufacturer of a wide range of Fertilisers, Crop Protection Products and Specialty Nutrient Products, has reported the unaudited financial results for the quarter ended 30 June 2013 which were approved by the Board of Directors at their meeting held on 23 July 2013.
On a consolidated basis, Sales turnover during the quarter ended 30 June 2013 is 1897.68 crore (corresponding previous quarter 1854.54 crore) marginal increase by 2% over corresponding quarter last year.
Profit before depreciation, interest and taxes for the quarter 125.36 crore (corresponding previous quarter 229.21 crore). Profit before tax for the quarter 31 crore (corresponding previous quarter 158.44 crore). Net profit after tax for the quarter 24.48 crore (corresponding previous quarter 114.22 crore).
Company’s subsidiaries, Sabero organics and Liberty Phosphates reported a turnover of 180.92 crores and 68.82 crores respectively and EBIDTA of 19.78 crores and 5.03 crores respectively.
Pursuant to the open offer made to the public shareholders of Liberty Phosphates Limited (LPL), the Company has acquired 26% of the equity share capital at a price of 241/- per share in accordance with the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. With this acquisition, the Company now holds 79.62% of the equity share capital of LPL, including 7,22,928 shares (5%) held by Liberty Urvarak Ltd., a wholly owned subsidiary of the Company.
Commenting on the results Mr. Kapil Mehan, Managing Director mentioned “excessive pipeline inventory of DAP and complex fertiliser has impacted sales volume and profitability during the quarter. Fundamentals of the business remain strong and with active monsoon generally covering all our key addressable markets we expect agricultural activity to gather momentum. We are pleased that in this very challenging business environment we have improved our market share in the quarter and maintained our operations at reasonable level.
During the quarter TIFERT, a Tunisian Phosphoric acid manufacturer with a strategic investment by Coromandel, has commissioned the phosphoric acid plant and started receiving supplies of phosphoric acid. This augurs well for our expanded capacity at Kakinada.”
About Coromandel International Limited
Coromandel International Limited, India’s second largest Phosphatic fertilizer player, is in the business segments of Fertilizers, Specialty Nutrients, Crop Protection and Retail. The Company manufactures a wide range of fertilizers 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 is the second largest manufacturer of Malathion and only the second manufacturer of Phenthoate. Coromandel has also ventured into the retail business setting up more than 640 rural retail centers in the States of Andhra Pradesh and Karnataka.
The Company clocked a turnover of 8,560 Crore 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 22,314 Cr 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.