Coromandel posts record numbers


Secunderabad, April 21, 2011: 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, 2011. The Company has posted robust growth in Net Sales and Net Profits, EBIDTA and EPS during the year. Overall, it has been one more year of good performance for the Company.

During the year the Company achieved a sales turnover of Rs. 7,527.95 crore (previous year: Rs. 6,394.73 crore), registering a growth of 18% over the previous year. The operating Profit before depreciation, interest and taxes for the year is Rs. 1,134.42 crore (previous year Rs. 843.04 crore) higher by 35%.

The Company has reported Profit before tax of Rs. 988.46 crore as compared to Rs. 708.44 crore in 2009-10. The profit after tax for the year is Rs. 694.46 crore (previous year Rs. 468.20 crore) higher by 48%.

The Board has recommended final dividend of Rs.3/ – per Equity Share. With the interim dividend of Rs.4/- already paid, total dividend for the year is Rs.7/- per share (700%) on the face value of Re1/- per share.

During the quarter, the Scheme of Amalgamation of Pasura Bio-Tech Private Limited (PBPL) with the Company was approved by the Hon’ble Court of Andhra Pradesh effective April 1, 2010 and the order was filed with Registrar of Companies, Andhra Pradesh, to complete the process of amalgamation. The financial results for the year /quarter ended March 2011 include those of PBPL.

In terms of operational and financial performance, the fourth quarter of 2010-11 was moderate due to preponement of annual shutdown into January – March quarter. Phosphoric Acid supply disruption also effected the production during the quarter. Supply from Tunisia is expected to restart during April – June quarter.

Commenting on the financial results, Mr. Kapil Mehan, Managing Director, Coromandel International Limited stated, “This was a very satisfying year by any standards and follows successive quarters of continued improvement in our business. We are pleased with the sustained growth in Sales, given the current competitive environment across the country’’. Further, he added, “We continue to focus to achieve better performance in the years to come. We are well positioned for quantum jump in near future with expansion projects under way. We believe new subsidy regime will encourage new and innovative product introductions under Nutrient Based Subsidy Scheme and will benefit farmers and the Company in years to come.”

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 425 rural retail centers in the agri and lifestyle segments.

The Company clocked a turnover of Rs. 6353 Cr by December, 31 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.13, 617 Cr Murugappa Group.

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About Murugappa Group:

Founded in 1900, the Rs.13617 Crores (USD 3.03 billion) Murugappa Group is one of India’s leading business conglomerates. The Group has 29 businesses including seven 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 Mitsui Sumitomo, Foskor, Cargill, Groupe Chimique Tunisien, Winterthur Technology Group and Morgan Crucible. The Group has a wide geographical presence panning 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.

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