Chennai, July 21, 2009: The unaudited financial results for the first quarter ended June 30, 2009 were approved by the Board of Directors at its meeting held on July 21, 2009.
Sales turnover during this period is Rs 1587.98 crore, as against Rs.1400.39 crore in the corresponding period last year.
The gross profit before depreciation, interest and taxes for the three months period is Rs.107.64 crore as against Rs.175.74 crore during the same period last year; depreciation provided is Rs.14.04 crore (corresponding period last year Rs.12.42 crore), interest charged Rs.17.45 crore (Corresponding period last year Rs.15.55 crore). Profit Before Tax for the quarter is Rs.76.15 crore as compared to Rs 306.36 crore in the corresponding period last year which included an exceptional income of Rs.158.59 crore received from M/s Foskor Ltd, South Africa under Business Assistance Agreement.
Provision for taxation for the period works out to Rs.24.00 crore (Corresponding period last year Rs.112.50 crore). The net profit is Rs.52.15 crore as against Rs.193.86 crore during the corresponding period last year.
During the quarter, the Company signed a Joint Venture Agreement with M/s Soquimich European Holdings BV, Netherlands, a subsidiary of SQM, Chile, for setting up of 15000 MTPA Water Soluble Fertilisers (NPK Grades) plant at Kakinada at a total investment of Rs.100 Million.
A copy of the advise to the Stock Exchanges giving the highlights of the un-audited financial results approved by the Board of Directors of the Company on July 21, 2009 is attached.
About the Murugappa Group
Headquartered in Chennai, the Rs. 15,646 crores (USD 3 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, 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 DBS Bank, Mitsui Sumitomo, Cargill, Foskor and Groupe Chimique Tunisien has consolidated its status as one of the fastest growing diversified business houses in India.