Coromandel Fertilisers Limited: Un-audited financial results for the first quarter ended June 30, 2004

July 15, 2004: The un-audited financial results for the first quarter ended June 30, 2004 were approved by the Board of Directors at its meeting held on July 15, 2004.

Sales turnover during this period was Rs 192.43 crore, as against Rs. 86.01 crore in the corresponding period last year.

The gross profit before depreciation and taxes for the 3 months period is Rs. 23.82 crore as against Rs. 7.69 crore during the same period last year; depreciation provided is Rs. 8.34 crore (as against Rs. 8.00 crore during corresponding quarter last year); provision for taxation is Rs.5.47 crore (net of deferred tax credit) (corresponding 3 months period last year - Rs.Nil). The net profit for the period is Rs.21.01 crore, after taking credit for excess tax provision for earlier years written back of Rs 11 crore, as against net loss of Rs.0.31 crore during the corresponding three months period last year.

The Company, during the quarter, had received Rs 11.29 crore towards interest on Income-tax refund, which has been included under “Other Income”.

A copy of the advice to the Stock Exchanges giving the highlights of the un-audited financial results approved by the Board of Directors of the Company on July 15, 2004 is attached.

Dr Bharat Ram, Chairman, resigned from the Board of Directors of the Company effective July 15, 2004. He was the Chairman of the Board of the Company for 37 years.

Coromandel Fertilisers Limited, is a constituent of Murugappa Group which has a turnover of over US $ 1.2 Billion, is a pioneer and market leader in several fields of business with manufacturing operations across 12 states in the Country. The Group has a strong presence in Abrasives, Engineering, Bio-products, Sanitaryware, Sugar, Fertilisers, Pesticides, Finance, General Insurance, Plantations and Nutraceuticals.