Coromandel Posts 234 Crs Net profit

 

 

Secunderabad, 22 October 2012: Coromandel International Limited, India’s leading manufacturer of a wide range of Fertilisers, Crop Protection Products and Specialty Nutrient Products, has reported resilient operational and financial results for the financial quarter ended 30 September 2012.

The unaudited financial results for the quarter / half year ended 30 September 2012 were approved by the Board of Directors at their meeting held on 22 October 2012.

Sales turnover during the quarter ended 30 September 2012 is rs2550.17 crore (previous year rs2793.37 crore) marginally lower by 9% over corresponding period last year.

Profit before depreciation, interest and taxes for the quarter rs352.65 crore (previous year rs421.75 crore). Profit before tax for the quarter rs300.65 crore (corresponding previous quarter rs388.82 crore). Net profit after tax for the quarter rs233.65 crore (corresponding previous quarter rs278.82 crore). Net profit after tax for the half year rs361.74 crore (corresponding previous half year rs438.17 crore).

The Company during the quarter has issued and allotted 9% Unsecured Redeemable Non-convertible Fully Paid Bonus Debentures of rs15 each for every equity share and the debentures are listed in BSE / NSE.

The fertiliser capacity expansion project at Kakinada is progressing well and is likely to be commissioned by the third quarter of this current financial year. Coromandel subsidiary Sabero organics has turned profitable and reported a turnover of rs141.46 Crores and EBIDTA of rs13.55 crores. Sabero has obtained MOEF clearance for its Dahej project and the project activity will resume soon.

Commenting on the financial results, Mr. Kapil Mehan, Managing Director, Coromandel International Limited stated “Delayed onset of monsoon and failure in certain pockets has affected fertiliser off take during the quarter. Phosphatic fertilizers sales for the Industry declined by 26% during Kharif season. We are pleased that our Diversified portfolio helped in reporting resilient performance in tough market conditions of low demand and strong cost push by rupee depreciation.”

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 rs9,823 crore during FY 2011-12. 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 rs22314 Cr Murugappa Group. For more details, please visit www.coromandel.biz.

About the Murugappa Group

Founded in 1900, the rs22314 Crores (USD 4.4 billion) Murugappa Group is one of India’s leading business conglomerates. The Group has 28 businesses including eight listed Companies actively 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., 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, Cargill, 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 : 9963550040
Email: sreenivasaraob@coromandel.murugappa.com