Chennai, 22nd April, 2010: Coromandel International Limited (Coromandel) has turned out yet another year of sustained performance.
The Board of Directors of Coromandel approved the audited financial results for the year ended March 31, 2010. During the year the company achieved a total income of Rs.6,526.84 crore (Previous year : Rs. 9,667.80 crore). The lower turnover during the year has been mainly due to steep fall in the price of fertilisers and fertiliser raw materials resulting in lower subsidy
The operating profit before depreciation, interest and taxes for the year is Rs.843.04 crore (previous year Rs.790.44 crore which excludes Rs.158.59 crore being the remuneration earned in terms of the Business Assistance Agreement with Foskor (Pty) Limited, South Africa).
The Company continued to improve its profitability due to improved operational performance across all businesses and increased contribution from Pesticides and Speciality nutrient businesses.
The Profit Before Tax is Rs.708.44 crore in 2009-10 compared to Rs. 808.18 crore in 2008-09 ( including Rs.158.59 crore being the remuneration earned in terms of the Business Assistance Agreement with Foskor (Pty) Limited, South Africa).The profit after tax for the year is Rs.468.20crore (Previous year Rs.496.38 crore).
The Board of Directors recommended payment of final dividend of 200% (Rs.4/- per share) for the year ended March 31, 2010. Total dividend together with interim dividend is 500 % (Rs.10/- per share) in line with 500% paid last year
A copy of the advice to the Stock Exchanges giving the highlights of the audited financial results for the year ended March 31, 2010 approved by the Board of Directors of the Company on April 22, 2010 is attached.
About Coromandel International Limited
Coromandel, a leading manufacturer of a wide range of fertilisers and pesticides (technical and formulations), is a part of the Rs 15,907 crore Murugappa Group. The Company was incorporated in 1961, by the synergistic efforts of two major companies of the US – Chevron Chemical Company and International Minerals and Chemicals Corporation – and EID Parry Ltd, a leading business house in India associated with agriculture. Coromandel markets around 2.9 million tonnes of phosphatic fertilisers, making it the leader in its addressable markets and the second-largest producer of phosphatic fertilisers in India.
Coromandel is known in the global agro-chemical market as the second-largest manufacturer of Malathion and only the second manufacturer of Phenthoate. Coromandel’s pesticide business produces over 35 types of insecticides, fungicides and herbicides that are marketed across the country and exported to many countries in South America, Western Africa, Middle East and South East Asia.
About Murugappa Group
Headquartered in Chennai, the Rs. 15,907 crores (USD 3.14 billion) Murugappa Group is one of India’s leading business conglomerates. Market leaders in diverse areas of business including Engineering, Abrasives, Finance, General Insurance, Cycles, Sugar, Farm Inputs, Fertilizers, Plantations, Constructions, Bio-products and Nutraceuticals, its 29 companies have manufacturing facilities spread across 13 states in India. The organization fosters an environment of professionalism and has a workforce of over 32,000 employees. The Group has forged strong joint venture alliances with leading international companies like Mitsui Sumitomo, Foskor, Cargill and Groupe Chimique Tunisien has consolidated its status as one of the fastest growing diversified business houses in India.