Unaudited financial results for Q1 approved by the Board of Directors
Sales turnover during this period is Rs 1400.39 crore, as against Rs. 420.04 crore in the corresponding period last year. The other income for the quarter is higher at Rs.13.58 crore compared to Rs.3.69 crore in the corresponding quarter last year.
The gross profit before depreciation, interest and taxes for the three months period is Rs.119.80 crore as against Rs.10.13 crore during the same period last year; depreciation provided is Rs.12.42 crore (corresponding period last year Rs.11.66 crore), interest charged Rs.15.55 crore (Corresponding period last year Rs.21.76 crore). After considering exceptional income of Rs.158.59 crore received from Foskor (Pty) Ltd (Foskor), South Africa under the Business Assistance Agreement, Profit Before Tax for the quarter is Rs.306.36 crore as compared to Rs 43.55 crore in the corresponding period last year.
The higher profitability has been due to the higher volume of fertiliser sales, higher subsidy income resulting from compensation for sulphur based complexes under the new Subsidy Scheme, higher profitability from Pesticides and Specialty Nutrients businesses, lower interest cost. Besides, the income received under the Business Assistance Agreement with Foskor Pty Ltd, South Africa, amounting to Rs.158.59 crore also contributed for the higher profitability.
Provision for taxation (including Fringe Benefit Tax) for the period works out to Rs.112.50 crore (Corresponding period last year Rs.17.62 crore). The net profit is Rs.193.86 crore as against Rs.25.93 crore during the corresponding period last year, representing an increase of 648% over the previous year.
Figures for the previous period include those of Godavari Fertilisers and Chemicals Limited which has since been amalgamated with the Company.
During the quarter, the Company formed a wholly owned subsidiary viz. CFL Mauritius Ltd. In Mauritius mainly to route the overseas investments. The Company also took a 50% equity in a Company formed in Singapore named Coromandel Getax Phosphates Ltd with a view to explore rock mining opportunities overseas.
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, 2008 is attached.
Headquartered in Chennai, the Rs.9582 Crore (USD 2.4 billion) Murugappa Group is India’s leading business conglomerate. Market leaders in diverse areas of business including Engineering, Abrasives, Finance, General Insurance, Cycles, Sugar, Farm Inputs, Fertilizers, Plantations, Bio-products and Nutraceuticals, its 29 limited companies have manufacturing facilities spread across 13 states in India. The organisation fosters an environment of professionalism and has a workforce of over 30 ,000 employees. The Group which has forged strong joint venture alliances with leading international companies like DBS Bank, Mitsui Sumitomo, Cargill, China Engineering & Expoloration Bureau and Groupe Chimique Tunisien, has consolidated its status as one of the fastest growing diversified business houses in India.
Coromandel Fertilisers Limited, is a constituent of Murugappa Group which has a turnover of over US $ 2.4 Billion, is a pioneer and market leader in several fields of business with manufacturing operations across 14 states in the Country. The Group has a strong presence in Abrasives, Engineering, Bio-products, Sanitaryware, Sugar, Fertilisers, Pesticides, Finance, General Insurance, Plantations and Nutraceuticals.
