Coromandel International Limited Financial Results
Chennai, October 22, 2009: The unaudited financial results for the Quarter/ Half year ended September 30, 2009 were approved by the Board of Directors at its meeting held on October 22, 2009.
Sales turnover during the half year ended September 30, 2009 is Rs.3273.15 crore, as against Rs 4791.87 crore in the corresponding period last year.
The Profit from operations before, interest and exceptional item for the half year is Rs. 413.75 crore as against Rs. 450.47 crore during the same period last year. After considering interest charge of Rs. 42.74 crore (Previous year : Rs. 35.6 crore), Profit Before Tax for the half year is Rs. 371.01crore as compared to Rs 573.46 crore in the corresponding period last year which included an exceptional income of Rs 158.59 crore received from Foskor Pty Ltd , South Africa towards remuneration under the Business Assistance Agreement.
Provision for taxation for the period works out to Rs.131 crore (Corresponding period last year Rs.197.19 crore). The net profit is Rs. 240.01 crore as against Rs.376.27 crore during the corresponding period last year.
Consequent to the approval of the Shareholders the name of the Company has been changed to Coromandel International Limited with effect from September 23, 2009.
A copy of the advise to the Stock Exchanges giving the highlights of the un-audited financial results approved by the Board of Directors of the Company on October 22, 2009 is attached.
About Murugappa Group
Headquartered in Chennai, the Rs. 15,907 crores (USD 3.14 billion) Murugappa Group is one of India’s leading business conglomerates. Market leaders in diverse areas of business including Engineering, Abrasives, Finance, General Insurance, Cycles, Sugar, Farm Inputs, Fertilizers, Plantations, Bio-products and Nutraceuticals, its 29 companies have manufacturing facilities spread across 13 states in India. The organization fosters an environment of professionalism and has a workforce of over 32,000 employees. The Group has forged strong joint venture alliances with leading international companies like DBS Bank, Mitsui Sumitomo, Foskor, Cargill and Groupe Chimique Tunisien has consolidated its status as one of the fastest growing diversified business houses in India.
About Coromandel International Limited
Coromandel, a leading manufacturer of a wide range of fertilisers and pesticides (technical and formulations), is a part of the Rs 15,907 crore Murugappa Group. The Company was incorporated in 1961, by the synergistic efforts of two major companies of the US – Chevron Chemical Company and International Minerals and Chemicals Corporation – and EID Parry Ltd, a leading business house in India associated with agriculture. Coromandel markets around 2.9 million tonnes of phosphatic fertilisers, making it the leader in its addressable markets and the second-largest producer of phosphatic fertilisers in India.
Coromandel is known in the global agro-chemical market as the second-largest manufacturer of Malathion and only the second manufacturer of Phenthoate. Coromandel’s pesticide business produces over 35 types of insecticides, fungicides and herbicides that are marketed across the country and exported to many countries in South America, Western Africa, Middle East and South East Asia.
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