Coromandel Reports Good Performance
Despite Monsoon Headwinds
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
