Coromandel International Limited has reported a growth of 184.8% in sales turnover.

Coromandel International Limited, the Rs 1,875-crore farm inputs company belonging to the Chennai-based Murugappa Group, has reported a growth of 184.8 per cent in sales turnover, 75 per cent in gross profit and 25.2 per cent in net profit for the first quarter of current fiscal ended June 30. As per the unaudited financial results approved by the Coromandel board here on Tuesday, the company posted a sales turnover of Rs 356.16 crore for the quarter against Rs 125.89 crore in the corresponding quarter of the previous fiscal, gross profit of Rs 35.9 crore (Rs 20.51 crore) and a net profit of Rs 12.37 crore (Rs 9.88 crore). This translates into an EPS of Rs 0.97 (Rs 0.78) on an equity base of Rs 25.41 crore.

In a press release here, the company has attributed the all-round improvement in the performance mainly to increased volume of production, sales and improved productivity.

However, according to the Coromandel Managing Director, Mr V. Ravichandran, in view of the seasonal nature of the farm inputs business, the results of the first quarter are not indicative of the overall performance of the company for the whole year.

During the quarter under review, the company acquired 50.72 per cent stake in Ficom Organics Ltd, Ankleshwar. Consequently, Ficom Organics has become a subsidiary of the company effective May 30. In a press release here, the company said this acquisition would facilitate in consolidating its Crop Protection Products business.

The Coromandel board at its meeting here on Tuesday has also approved the investment up to 15 per cent in the equity capital of the proposed joint venture project being put up along with Group Chimique Tunisien, Tunisia, and Gujarat State Fertilisers Corporation for the manufacture of phosphoric acid at Tunisia. Further, the board has also approved the proposal of entering into shareholders agreement with the joint venture partners, the release said.