Coromandel International posts
robust growth in Net Profit
- Secunderabad, July 21, 2011: Coromandel
International Limited, a part of USD 3.8 billion Murugappa
Group and India’s leading manufacturer of a wide range of
Fertilizers, Crop Protection Products and Specialty Nutrient
products, has reported a net profit of Rs. 159.35 crore for
the three months period (Previous year: Rs.121.45 crore), an
increase by 31%, compared to the same period of the previous
Sales turnover during this period is
Rs.1,790.11 crore, as against Rs.1,548.87 crore in the corresponding
period registering a growth of 16%.
The gross profit before
depreciation, interest and taxes for the three months period was Rs
268.90 crore as against Rs.210.13 crore during the same period last
year; depreciation provided was Rs.14.21 crore (corresponding period
last year Rs.14.20 crore), interest charged Rs. 24.34 crore
(Corresponding period last year Rs.18.48 crore). Profit Before Tax
for the quarter is Rs.230.35 crore as compared to Rs. 177.45 crore
in the corresponding period last year. The EPS of the Company is
higher by 30% as compared to corresponding period last year.
During the quarter the Company has
signed a definitive share purchase agreement to acquire promoters’
stake in ‘Sabero Organics Gujarat Limited’, the Company
engaged in the business of manufacturing and marketing of Crop
Protection Chemicals with major presence in Global markets
Commenting on the financial
results, Mr. Kapil Mehan, Managing Director, Coromandel
International Limited said, “We are very pleased with our
operating results with healthy quarter-on-quarter revenue growth
and a steady sequential increase in margins”.
Company believes that Nutrient
Based Subsidy policy announced by Government of India last year is
a good intervention which not only ensured availability of
Phosphatic and Potashic fertilisers at reasonable prices to
farmers but also enabled Companies to procure and secure raw
materials well in time to meet peak-season demand.
About the Coromandel
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 425 rural retail
centers in the agriculture and lifestyle segments.
The Company clocked a turnover of Rs.
7,527 Cr during FY 2010-11. 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 Rs.17051 Cr Murugappa Group. For more details, please visit www.coromandel.biz
About the Murugappa Group
Founded in 1900, the Rs. 17051
Crores (USD 3.8 billion) Murugappa Group is one of India's leading
business conglomerates. The Group has 29 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, Construction, Bio-products and
Nutraceuticals, the Group has forged strong joint venture
alliances with leading international companies like Groupe
Chimique Tunisien, Foskor, Cargill, Mitsui Sumitomo and Morgan
Crucible. The Group has a wide geographical presence spanning 13
states in India and 5 continents. Renowned brands like BSA,
Hercules, Ballmaster, Ajax, Parry’s, 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