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Coromandel Fertilisers Limited financial
results 23 January, 2007: The unaudited financial results of the Company for the nine months ended December 31, 2006 were approved by the Board of Directors at its meeting held on January 23, 2007. Sales turnover during this period is Rs.1596.53 crore, as against Rs. 1290.86 crore in the corresponding period last year, representing an increase of 24 per cent. The gross profit before depreciation, interest and taxes for the nine months period is Rs.182.63 crore against Rs.135.04 crore during the same period last year, showing growth of 35.2 per cent; depreciation provided is Rs.27.06 crore (corresponding period last year Rs. 26.98 crore), interest charged Rs.21.62 crore (Corresponding period last year Rs.17.06 crore). Profit before tax has gone up by 47.2 per cent to Rs.133.95 crore against Rs 91.00 crore for the corresponding period of last year. Net Provision for taxation (including Fringe Benefit Tax) for the period works out to Rs.47.80 crore (net of deferred tax credit) (Corresponding period last year being Rs.23.38 crore). The net profit is Rs.86.15 crore as against Rs. 67.62 crore during the corresponding period last year, representing an increase of 27.4 per cent over the corresponding period in the previous year. The improvement in profitability has been achieved, thanks to higher sales volumes, improved productivity, lower conversion cost and various initiatives taken on the manufacturing, distribution and sales front. The Company achieved highest production and sales of Complex Fertilisers during the period. In spite of adverse market conditions, Company's pesticides business has shown growth over last year in sale of key specialities. The Board of Directors also approved the acquisition of 80,01,000 equity shares of Godavari Fertilisers and Chemicals Limited (GFCL) held by Indian Farmers Fertiliser Co-Operative Limited (IFFCO) representing 25 per cent of the equity capital of GFCL at a price of Rs 150/- per share and also made a public announcement to the Shareholders of GFCL for acquiring upto 20 per cent of equity shares pursuant to the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 at such price determined as per the said Regulations. The Hon'ble High Court of Mumbai and Andhra Pradesh have convened the Shareholders Meeting to approve the Scheme of Amalgamation of M/s Ficom Organics Limited and its wholly owned subsidiary company M/s Rasilah Investments Limited with Coromandel Fertilisers Limited on February 5, 2007 (Ficom) at Mumbai and on February 7, 2007 (CFL) at Hyderabad. The Company would, thereafter, file the Petition in the High Court of Andhra Pradesh for seeking Courts' approval of the Scheme. A copy of the advice to the Stock Exchanges giving the highlights of the unaudited financial results approved by the Board of Directors of the Company on January 23, 2007 is attached. About Murugappa
Group The Group has forged strong joint venture alliances with leading international companies Releases like Roca of Spain, Cargill of Geneva, Cerdak of South Africa, Jingri Diamond Industrial Company of China, DBS Bank of Singapore, Mitsui Sumitomo of Japan and Groupe Chimique Tunisien of Tunisia and has consolidated its status as one of the fastest growing diversified business houses in India Contact information P Nagarajan Chandrika
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