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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 year.

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 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 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
Email: sreenivasaraob@coromandel.murugappa.com

 


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