Coromandel International Posts Resilient Results
Secunderabad, Oct 22, 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 September 2013 which were approved by the Board of Directors at their meeting held on 22 October 2013.
On a consolidated basis, Sales turnover during the quarter ended 30 September 2013 is 3215.39 crore (corresponding previous quarter 2675.18 crore) increased by 20% over corresponding quarter last year.
Consolidated profit before depreciation, interest, exceptional item and taxes for the quarter 310.58 crore (corresponding previous quarter 259.20 crore excluding prior year subsidy income and 366.57 crore including prior year subsidy income). Consolidated profit before tax and exceptional item for the quarter 233.01 crore (corresponding previous quarter 304.77 crore). Consolidated net profit after tax for the quarter 164.49 crore (corresponding previous quarter 237.68 crore).
Company’s subsidiaries, Sabero organics and Liberty Phosphates reported a turnover of 220.34 crores and 86.75 crores respectively and EBIDTA of 27.12 crores and 5.60 crores respectively for the quarter.
On a half year basis, the Company’s turnover is 5113.07 crore (corresponding period last year 4529.72 crore) and consolidated profit after tax 188.97 crore (corresponding period last year 351.90 crore).
During the quarter, the Board of Directors of the Company have approved a Scheme of Amalgamation under Sections 391 and 394 of the Companies Act, 1956 (‘the Scheme’) for amalgamation of its subsidiaries, Liberty Phosphate Limited (‘LPL’) and Liberty Urvarak Limited (‘LUL’) with the Company, subject to the approval of the stock exchanges, shareholders, creditors, concerned High Courts and other regulators. The Scheme has been filed with the stock exchanges and approval is awaited.
Commenting on the results Mr. Kapil Mehan, Managing Director mentioned “Strong and active monsoon has had a positive effect on all the agri-inputs business of the Company during the quarter. Though the cost push pressures and the weakening of the rupee have impacted the financials, we are confident that our perseverance and focus of catering to the needs of the farming community through our diversified business will help us in achieving our long term business objectives. In fact, our consolidated EBIDTA for the quarter has registered a growth of 20% over corresponding previous quarter excluding prior year subsidy income.
Our subsidiary company Sabero Organics has reported strong results with 56% growth in turnover and 70% in EBIDTA.”
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 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 641 rural retail centers in the States of Andhra Pradesh and Karnataka.
The Company has 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 Químicay 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.
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