Unaudited financial results for Q1 approved by the Board of Directors
Sales turnover during this period is Rs 1548.87 crore, as against Rs.1587.98 crore in the corresponding period last year.
The gross profit before depreciation, interest and taxes for the three months period is Rs.210.13 crore as against Rs.107.64 crore during the same period last year; depreciation provided is Rs.14.20 crore (corresponding period last year Rs.14.04 crore), interest charged Rs.18.48 crore (Corresponding period last year Rs.17.45 crore). Profit Before Tax for the quarter is Rs.177.45 crore as compared to Rs 76.15 crore in the corresponding period last year. Improved raw material procurement efficiencies in fertiliser business and increased contribution from Pesticides and Specialty nutrients businesses has resulted in higher profitability for the quarter.
Provision for taxation for the period works out to Rs.56.00 crore (Corresponding period last year Rs.24 crore). The net profit is Rs.121.45 crore as against Rs.52.15 crore during the corresponding period last year.
During the quarter, the Company has acquired 100% of equity share capital of M/s Pasura Biotech Private Limited. The Board has approved merger of Pasura Bio-tech Private Limited (wholly owned subsidiary company) with the Company.
In line with the strategy for the pesticides business, technical grade manufacturing facilities have been consolidated at the new plant at Ankleshwar, Gujarat. Consequently, the manufacturing operations relating to these products have been suspended at the Navi Mumbai Plant.
As part of overall strategy to increase production capacity from 3 million to 4 million tones, the Board has approved a proposal for setting up additional train at Kakinada.
A copy of the advise to the Stock Exchanges giving the highlights of the un-audited financial results approved by the Board of Directors of the Company on July 22, 2010 is attached.
Founded in 1900, the Rs. 13617 Crores (USD 3.03 billion) Murugappa Group is one of India’s leading business conglomerates. The Group has 29 companies under its umbrella, of which seven are listed and actively traded in NSE & BSE. Headquartered in Chennai, the major companies of the Group include Carborundum Universal, Cholamandalam DBS Finance Ltd, Cholamandalam MS General Insurance Company Ltd, Coromandel International Ltd, Coromandel Engineering Company Ltd, EID 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 Mitsui Sumitomo, Foskor, Cargill and Groupe Chimique Tunisien. The Group has a wide geographical presence panning 13 states in India and 5 continents across the Globe.
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 workforceof over 32,000 employees.
