Unaudited Financial Results (Provisional) for
the quarter ended September 30, 2009

Sl.No Particulars Stand-alone Results Consolidated
Unaudited | Quarter ended Unaudited | Half Year ended Audited | Year ended Unaudited | Quarter ended Unaudited | Half Year ended Audited | Year Ended
Sep 30, 2009 Sep 30, 2008 Sep 30, 2009 Sep 30, 2008 March 31, 2009 Sep 30, 2009 Sep 30, 2008 Sep 30, 2009 Sep 30, 2008 March 31, 2009
(I) (II) (III) (IV)     (V) (VI) (VII)     (VIII)
1 Net sales/Income from operations 1,685.17 3,391.48 3,273.15 4,791.87 9,374.98 1,685.17 3,391.48 3,273.15 4,791.87 9,374.98
2 Expenditure                    
(a) (Increase)/Decrease in stock in trade and  work in progress (83.42) (159.43) 60.56 (371.57) (305.34) (83.42) (159.43) 60.56 (371.57) (305.34)
(b) Consumption of raw materials 1,079.02 2,460.78 2,230.42 3,565.74 7,229.19 1,079.01 2,460.78 2,230.42 3,565.74 7,229.19
(c) Purchase of traded goods 170.03 639.18 191.48 828.24 1,004.91 170.03 639.21 191.48 828.27 1,004.91
(d) Employee costs 40.70 31.47 76.74 58.07 133.39 40.90 31.46 76.96 58.07 133.48
(e) Depreciation 14.94 13.09 28.98 25.51 56.13 14.96 13.11 29.02 25.55 56.21
(f) Other expenditure 169.96  144.91  330.63 274.66 656.62 170.11 144.98 330.82 274.69  660.66
(g) Total 1,391.23 3,130.00 2,918.81 4,380.65 8,774.90 1,391.60 3,130.11 2,919.27 4,380.75 8,779.11
                       
3 Profit from operations before Interest and Exceptional items 293.94  261.48  354.34 411.22 600.08 293.57 261.37 353.88 411.12  595.87
4 Other income 26.21 25.67 59.41 39.25 134.23 26.39 25.62 59.82  39.16 206.62
5 Profit before Interest and Exceptional items 320.15  287.15  413.75 450.47 734.31 319.96 286.99 413.70 450.28  802.49
6 Interest 25.29 20.05 42.74 35.60 84.72 25.83 21.25 44.40  36.80 87.62
7 Profit after Interest but before Exceptional Items 294.86  267.10  371.01 414.87 649.59 294.13 265.74 369.30 413.48  714.87
8 Exceptional items - - - 158.59 158.59 - - - 158.59  158.59
9 Profit / (Loss) before tax from ordinary activities before tax  294.86  267.10  371.01 573.46 808.18 294.13 265.74 369.30 572.07  873.46
10 Tax expense 107.00 84.69  131.00 197.19 311.80 106.97 84.69 131.00 197.19  313.96
11 Net 'Profit / (Loss) from ordinary activities after tax  187.86  182.41  240.01 376.27 496.38 187.16 181.05 238.30 374.88  559.50
12 Paid-up equity share capital(Face value - Rs.2 per equity share) 28.01 27.98 28.01 27.98 27.98 28.01 27.98 28.01  27.98 27.98
13 Reserves excluding revaluation reserves as per Balance Sheet of previous accounting year - - - - 1,099.16 - - -  - 1,183.98
14 Earnings per share (for the period - not annualised)                    
  - Basic (Rs.) 13.43 13.04 17.16 26.90 35.48 13.38 12.94 17.03  26.80 39.99
  - Diluted (Rs.) 13.31 12.96 17.04 26.74 35.42 13.26 12.86 16.92  26.64 39.92
15 Public Shareholding                    
  - Number of shares 50,132,448 50,787,328 50,132,448 50,787,328 50,006,738 50,132,448 50,787,328 50,132,448 50,787,328 50,006,738
  - Percentage of shareholding 35.80% 36.30% 35.80% 36.30% 35.74% 35.80% 36.30% 35.80% 36.30% 35.74%
16 Promoters and Promoter group Shareholding                    
(a) Pledged/encumbered                    
  -No of shares - - - - 95,590 - - -   - 95,590
  -Percentage of shares (as a % of the total shareholding of promoter and shareholding of promoter andpromoter group) - - - - 0.11% - - -   - 0.11%
  -Percentage of shares (as a % of the total share capital of the company) - - - - 0.07% - - -   - 0.07%
                       
(b) Non-encumbered                    
  -No of shares 89,895,074 - 89,895,074 - 89,794,620 89,895,074 - 89,895,074 - 89,794,620
  -Percentage of shares (as a % of the total shareholding of promoter and promoter group) 100.00% - 100.00% - 99.89% 100.00% - 100.00% - 99.89%
                       
  -Percentage of shares (as a % of the total share capital of the company) 64.20% - 64.20% - 64.19% 64.20% - 64.20%  - 64.19%

Note:

  1. The above financial results are drawn in accordance with the accounting policies consistently adopted by the Company.
  2. The results have been reviewed and recommended by the Audit Committee and approved by the Board of Directors at their meeting held on October 22, 2009.
  3. The auditors have carried out a Limited review of the results of the Company for the quarter and half year ended September 30, 2009
  4. During the current quarter, pursuant to the exercise of stock options by certain employees under the 'ESOP 2007' scheme, the Company has allotted 87,776 equity shares at the respective exercise prices.
  5. The Consolidated results include results of Parry Chemicals Limited, Coromandel Mauritius Ltd and Coromandel Brasil Limitada; wholly owned subsidiaries, Pratyusha Chemicals and Fertilisers Limited; associate company and Coromandel Getax Phosphates Pte Ltd; joint venture company.The Company, its joint venture (Coromandel Getax Phosphates Pte Ltd) and two of its subsidiaries (Parry Chemicals Limited and Coromandel Brasil Limitada) are primarily engaged in the farm inputs business, which in the context of Accounting Standard 17, is considered the only business segment. In respect of investment activity of one of its other subsidiary company (Coromandel Mauritius Limited) and the retail business of the Company, since these are not material, disclosure of business segment information is not considered necessary.
  6. Net Sales /income from operations for the quarter include subsidy income of Rs.941.75 crores (half year ended September 30, 2009 - Rs.1,801.63 crores and year ended March 31, 2009 - Rs.74.39 crores) which has been recognised having regard to the management's understanding of the subsidy scheme for the period for which notification has been issued and based on management estimate for the subsequent period (which also includes subsidy income relating to earlier periods - amount involved Rs.155.90 crores, net of related income tax). The subsidy rates estimated for the current quarter have been used for valuing the related inventories as at September 30, 2009 at their Net Realisable Values(NRV) as per Accounting Standard 2 on Valuation of Inventories.These matters have been referred to in the Review Report of the auditors for the current quarter and in the Auditors Report for the year ended March 31, 2009. Necessary consequential impact, if any, to such accrual/valuation will be made on final announcement/determination of subsidy receivable.
  7. Exceptional item in the previous year represents income received as per the Business Assistance Agreement entered into with Foskor Pty Ltd, South Africa.
  8. During the quarter, the Company has changed its name from 'Coromandel Fertilisers Limited' to 'Coromandel International Limited'. The fresh certificate of incorporation dated September 23, 2009 has been received from the Registrar of Companies, Andhra Pradesh
  9. During the current quarter, three investor complaints were received and resolved. There was no investor complaint pending at the beginning or at the end of the quarter.
  10. Figures of the previous quarters/period have been regrouped and reclassified, wherever considered necessary.

Place : Secunderabad

Dated: October 22, 2009

V. Ravichandran

Managing Director

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