Coromandel at it again; posts robust growth
Secunderabad, 23rd April 2012: Coromandel International Limited, India’s leading manufacturer of a wide range of Fertilizers, Crop protection Products and Specialty Nutrient Products, has recorded creditable operational and financial results for the financial year ended March 31, 2012. The Company has posted robust growth in sales, and it has been one more year of good performance for the Company.
During the quarter the Company achieved sales turnover of ` 2672 crore (previous year `1250 crore) registering a growth of 114% over corresponding period last year. Profit before depreciation, interest and taxes for the quarter was `219 crore (previous year `119 crore). Profit before tax for the quarter `161 crore registering a growth of 96% over previous year corresponding period (`82 crore). Net profit after tax for the quarter was `122 crore (previous year `73 crore) higher by 67%.
For the year ended March 2012 the Company achieved a sales turnover of ` 9,823 crore (previous year `7,639 crore), higher by 29% over the previous year. Profit before depreciation, interest, exception item and taxes for the year `1,178 crore (previous year `1,136 crore) higher by 4%. Profit before tax for the year after providing for exception item of `36 crore was `970 crore, marginally lower by 2% over previous year PBT of `988 crore. Without considering prior period subsidy income PBT has grown by 21% over previous year. Net Profit for the year `693 crore (previous year `694 crore)
The Board has recommended final dividend of `3/- per Equity Share. With the interim dividend of `4/- already paid, total dividend for the year `7/is per share (700%) on the face value of `1/- per share.
The Company has filed the scheme in the Hon’ble High Court of Andhra Pradesh for issue of unsecured redeemable non convertible bonus debenture of `15 each for every equity share under a scheme of arrangement and awaiting Court’s approval..
Commenting on the financial results, Mr. Kapil Mehan, Managing Director, Coromandel International Limited stated – “ We are pleased to report a much improved performance in all our busigness segments with higher sales and profits for the quarter and the year ended March 2012. This has been achieved under challenging business environment of volatile raw material prices and depreciating rupee. Our capital expansion programs are progressing as per schedule”.
About 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 640 rural retail centers in the States of Andhrapradesh and Karnataka.
The Company clocked a turnover of `9,823 crore during FY 2011-12.. 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 `17051 Cr (as of 31 March 2011) Murugappa Group. For more details, please visit www.coromandel.biz.
About the Murugappa Group:
Founded in 1900, the `17051 Crores (USD 3.8 billion) (as of 31 March 2011) Murugappa Group is one of India’s leading business conglomerates. The Group has 28 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
