Secunderabad, 23 April 2013 : Coromandel International Limited, India’s leading manufacturer of a wide range of Fertilizers, Crop Protection Products and Specialty Nutrient Products, has reported the audited financial results for the quarter and year ended 31 March 2013 which were approved by the Board of Directors at their meeting held on 23 April 2013.
For the year ended March 2013 the Company achieved a sales turnover of 8,560 crore (previous year 9,823 crore), lower by 13% over the previous year. Profit before depreciation, interest, exceptional item and taxes for the year 802 crore (previous year 1,178 crore). Profit before tax for the year was 566 crore. (previous year 970 crore). The net profit after tax for the year 444 crore (previous year 693 crore)
During the quarter the Company achieved sale turnover of 1948 crore (previous year 2672 crore) lower by 27% over corresponding period last year. Profit before depreciation, interest and taxes for the quarter 88 crore (previous year 219 crore). Profit before tax for the quarter 23 crore (previous year 161 crore). Net profit after tax for the quarter 14 crore (previous year 122 crore).
The Board has recommended dividend of 4.50/- per Equity Share (450% on the face value of 1/-per share).
During the quarter, pursuant to the share purchase agreement entered into by the Company with the erstwhile promoters of Liberty Phosphate Limited (LPL), the Company acquired 70,19,406 equity shares (representing 48.62%) of LPL at a price of 241/- per share and the Board of Directors of LPL was reconstituted and effective 7 March 2013, LPL became a subsidiary of the Company. The Company also made a detailed public announcement to acquire upto 37,53,933 equity shares (26% of the equity share capital) of LPL at a price of 241/- per share through an open offer from the shareholders in accordance with the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. Draft letter of offer has been filed with SEBI and approval is awaited. The Company has also acquired 100% equity shares of Liberty Urvarak Limited (LUL) thereby making LUL a wholly owned subsidiary of the Company
During the quarter the Company has commissioned 3rd Complex fertilizer plant (“C” train) at Kakinada. The new plant is capable of manufacturing all grades of complex fertilizers and will strengthen the product portfolio of the Company in providing quality fertilizers to the farmers to enhance their productivity.
During the quarter the Company has also entered into Share Purchase Agreement to acquire 8.13% stake in Andhra Pradesh Gas Power Corporation Ltd., Commenting on the acquisition, Mr.Kapil Mehan, Managing Director said “This acquisition is perfectly timed to meet the additional power requirement for the additional capacity created in Kakinada besides ensuring uninterrupted power supply for both Vizag and Kakinada plants”.
Commenting on the financial results, Mr. Kapil Mehan, said – “Deficit monsoon in the key addressable markets during the year and growing price disparity between Urea and Phosphate prices impacted the demand for Phosphatic and Potassic Fertilisers. The Company under these adverse conditions improved its market share in the home state while maintaining market share in overall domestic market. With monsoon expected to be normal in the forthcoming Kharif season, we expect high pipeline inventories of all agricultural inputs to normalise”. We will also improve our market share in coming years with commissioning of ‘C’ train project in Kakinada. Together with Liberty Phosphate business, Company has 50 lac tonnes of installed capacity to manufacture complex fertiliser and single super phosphate. There has been a significant improvement in perfromance of Crop Protection business during the year and Company’s Retail business has also turned cash positive with a newtwork of 640 retail centers across states of Andhra Pradesh and Karnataka, added Mr Mehan while commenting on Company’s performance during the year 2012-13.
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 9,823 crore during FY 2011-12. It was 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 22,314 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
Mobile : 0-9963550040