Coromandel Announces Bonus Debentures
Coromandel International Limited, India's leading manufacturer of a wide range of fertilizers, Crop protection products and Specialty Nutrient products, has reported a net profit of Rs. 438.17 crore for the half year ended September 30, 2011 (Corresponding period last year Rs. 471.55 crore).
Sales turnover during the half year ended September 30, 2011 is Rs.4,501.55 crore, as against Rs.4,306.13 crore in the corresponding period registering a growth of 5%.
The gross profit before depreciation, interest and taxes for the half year is Rs 690.05 crore as against Rs.762.39 crore during the same period last year; depreciation provided was Rs.27.76 crore (corresponding period last year Rs.30.74 crore), interest charged Rs. 43.12 crore (Corresponding period last year Rs.41.10 crore). Profit before tax for the half year is Rs. 619.17 crore as compared to Rs. 690.55 crore in the corresponding period last year. Profit before tax for the half year includes prior period subsidy income of Rs.29.21 crore (Corresponding period last year Rs.215.05 crore).
The Board has approved the project for setting up a green field 800 Tonnes per day Single Super Phosphate plant (including 400 Tonnes per day granulator plant) in the state of Punjab.
On the occasion of Golden Jubilee, the Board of Directors decided to reward the shareholders by way of issue of Unsecured Redeemable Bonus Debentures of the face value of Rs.15/ - for every 1 share held, by appropriating general reserves through a. Scheme of Arrangement. This wilt be subject to approval by the shareholders, stock exchanges, regulatory authorities and the High Court of Andhra Pradesh.
The Company is awaiting approval from SEBI with respect to Open Offer filed in accordance with the SEBI (Substantial Acquisition of Shares & Takeovers) Regulations 1997 for acquiring 31% of equity shares of Sabero Organics Gujarat Limited.
Commenting on the financial results, Mr. Kapil Mehan, Managing Director, Coromandel International Limited said, 'We are pleased to report all round improved performance in all our business segments despite shortage of fertiliser raw materials and high volatility in the rupee. Without considering prior period income, the operational EBIDTA has grown quarter on quarter by 21% and 23% on half yearly basis.
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 agriculture and lifestyle segments.
The Company clocked a turnover of Rs. 7,527 Cr 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.17051 Cr Murugappa Group. For more details, please visit www.coromandel.biz.
About the Murugappa Group
Founded in 1900, the Rs. 17051 Crores (USD 3.8 billion) Murugappa Group is one of India's leading business conglomerates. The Group has 29 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 more details, visit www.murugappa.com.