Secunderabad, July 23, 2012: Coromandel International Limited, India’s leading manufacturer of a wide range of Fertilisers, Crop Protection Products and Specialty Nutrient Products, has recorded creditable operational and financial results for the financial quarter ended June 30, 2012.
The unaudited financial results for the quarter ended June 30, 2012 was approved by the Board of Directors at their meeting held on July 23, 2012.
During the quarter the Company achieved sale turnover of Rs. 1753 Crores (previous year Rs. 1796 crore) marginally dropped by 2% over corresponding period last year. Profit before depreciation, interest and taxes for the quarter was Rs. 229 crores (previous year Rs. 240 crores which excludes prior year subsidy income of Rs. 29 crore). Profit before tax for the quarter was Rs. 172 crores (Rs. 201 crores excluding prior year subsidy). Net profit after tax for the quarter was Rs. 128 crores (previous year Rs. 159 crores inclusive of prior year subsidy income).
The Company has received approvals from the Hon’ble High Court of Andhra Pradesh, the stock exchanges and other requisite approvals for issue of one 9% Unsecured Redeemable Non Convertible Fully Paid Bonus Debentures of Rs. 15 each for every equity share by appropriating the General Reserve through a Scheme of Arrangement. Consequent to this the Company has fixed the book closure date as 17 July to 23 July 2012 for the issue of debentures. The Board in its meeting held today approved the issue of debentures.
Commenting on the financial results, Mr. Kapil Mehan, Managing Director, Coromandel International Limited stated “fundamentals of the business remain strong and with active monsoon generally covering our markets in the last few weeks, we expect agricultural activity to gather momentum. Our Kakinada expansion is in schedule and we expect to start commercial production in third quarter of current financial year”.
Sabero Organics which we acquired last year has reported smart recovery in Turnover and Profits and we expect the performance to improve in the coming quarters.
Company continues to focus on augumenting Phosphoric Acid supplies from various sources due to shortage in supply from key suppliers in Tunisia and South Africa. Availability has now improved in July –September quarter and is likely to further improve.
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 Rs. 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 Rs. 22314 Crores Murugappa Group. For more details, please visit www.coromandel.biz.
About the Murugappa Group
Founded in 1900, the Rs. 22314 Crores (USD 4.4 billion) 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, Bio-products and Nutraceuticals, the Group has forged strong alliances with leading international companies like Groupe Chimique Tunisien, Foskor, Cargill, Mitsui Sumitomo, Morgan Crucible and Sociedad Química y Minera de Chile (SQM). The Group has a wide geographical presence spanning 13 states in India and 5 continents.
Renowned brands like BSA, Hercules, Ballmaster, Ajax, Parry’s, Chola, 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
Caution Notice
The public is hereby cautioned that it has been brought to our notice that certain unscrupulous persons/agencies are issuing fake sanction letters to customers and getting their signatures in fake loan agreements purporting to be a loan sanction letter & loan agreement of Murugappa Group and such persons /agencies are attempting to extort money by demanding security deposit/processing fee/insurance fee from the gullible customers for processing the required loan etc. In the aforesaid documents, those unscrupulous persons/agencies are also using the registered logo and name of Murugappa Group against law with intent to gain wrongfully by using the goodwill and reputation of the Group.
Please be informed that Murugappa Group is not a separate legal entity and never requires any customers to pay any advance money or deposit for loan sanctioning. Public is cautioned not to rely or act on any such fraudulent sanction/offer made in the name of Murugappa Group without verifying the authenticity of the contents.
Customers who are interested in availing loans may directly contact any of the nearest branch of Cholamandalam Investment and Finance Company Limited (Cholamandalam) a constituent of our group for further details or get in touch with us at 1800 200 4565 or alternatively email at customercare@chola.murugappa.com, or SMS at 9500000312.
MURUGAPPA GROUP