Coromandel International Posts Q3 results

 

Secunderabad, 22nd January 2016 : Coromandel International Limited, India’s second largest Phosphatic fertiliser player, in the business segments of Fertilisers, Specialty Nutrients, Crop Protection, Organic Manure and Retail has reported the unaudited financial results for the quarter ended 31 December 2015 which were approved by the Board of Directors at their meeting held on 22 January 2016.

Consolidated performance for the quarter ended 31st December 2015

During the quarter ended 31 December 2015 the Company’s consolidated turnover is rs2755 crores in comparison to the corresponding quarter last year of rs2962 crores.

Profit before depreciation, interest and taxes (EBITDA) for the quarter ended 31 December 2015 is rs165 crores in comparison to the corresponding quarter last year of rs225 crores. Consolidated profit before tax is rs126 crores in comparison to the corresponding quarter last year of rs164 crores. Consolidated net profit after tax for the quarter is rs80 crores as against rs115 crores in corresponding quarter last year.

For the nine months ended 31 December 2015, the Company’s turnover is rs8501 crores (corresponding period last year rs8309 crores) and profit after tax is rs268 crores (corresponding period last year rs333 crores)

Standalone performance for the quarter ended 31st December 2015

During the quarter ended 31 December 2015, the standalone turnover is rs2749 crores in comparsion to the corresponding quarter last year of rs2959 crores. Profit before depreciation, interest and taxes (EBITDA) for the quarter ended 31 December 2015 is rs166 crores in comparison to the corresponding quarter last year of rs225 crores. Profit before tax is rs127 crores for the quarter ended 31 December 2015 as against rs164 crores in the corresponding quarter last year. Net profit after tax for the quarter ended 31 December 2015 is rs82 crores as against rs116 crores in the corresponding quarter last year.

For the nine months ended 31 December 2015, the standalone turnover is rs8481 crores (corresponding period last year rs8300 crores) and profit after tax is rs269 crores (corresponding period last year rs335 crores)

Commenting on the results Mr Sameer Goel, Managing Director commented “Weak monsoon in addressable markets and rupee depreciation impacted sales and margins. Inspite of a challenging environment, Coromandel has increased its market share in home markets and has taken initiatives to provide valued added products and services to the farming community. Our diversified agrisolutions approach will help us in achieving our long term business objectives”.

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, Organic Manure and Retail. The Company manufactures a wide range of fertilizers and markets around 3.2 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 750 rural retail centers in the States of Andhra Pradesh and Karnataka.

The Company clocked a turnover of rs11,285 crore during FY 2014-15. 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 rs269 Billion Murugappa Group.

About Murugappa Group

Founded in 1900, the INR 269 Billion Murugappa Group is one of India’s leading business conglomerates. The Group has 28 businesses including nine 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., Parry Sugar industries Ltd, Shanthi Gears Ltd., Tube Investments of India Ltd., and Wendt (India) Ltd.

Market leaders in served segments including Abrasives, Auto Components, Transmission systems, Cycles, Sugar, Farm Inputs, Fertilisers, Plantations, Bio-products and Nutraceuticals, the Group has forged strong alliances with leading international companies such as Groupe Chimique Tunisien, Foskor, Mitsui Sumitomo, Morgan Advanced Materials, Sociedad Química y Minera de Chile (SQM), Yanmar & Co. and Compagnie Des Phosphat De Gafsa (CPG). The Group has a wide geographical presence all over India and spanning 6 continents.

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