Unaudited financial results for Q3 approved by the Board of Directors
Sales turnover of the Company during 9 months ended Dec’08 is Rs.8518.12 cr as against Rs.3172.91 crore in the corresponding period last year. ( 3 months ended Dec’08 is Rs.3726.25 cr against Rs.956.34 cr for the corresponding period last year).
The Profit from operations before other income , interest and exceptional item for the 9 months period is Rs. 638.73 cr as against Rs.368.42 cr during the same period last year. (3 months period is Rs.202.74 cr against Rs.127 cr during the same period last year)
Other income for 9 months is Rs.41.83 cr (Previous year Rs.3.33 cr) and interest charged Rs.56.87 cr (Previous year : Rs. 51.51cr) .
After considering exceptional income of Rs.158.59 cr received from Foskor (Pty) Ltd (Foskor), South Africa under the Business Assistance Agreement, Profit Before Tax for the 9 months period is Rs.782.28 cr as compared to Rs. 320.24 cr in the corresponding period last year. Net Provision for taxation (including Fringe Benefit Tax) for the 9 months period works out to Rs. 273.43 cr (net of deferred tax credit) (Corresponding period last year being Rs. 113.84 cr). The net profit is Rs.508.85 cr as against Rs. 206.40 cr during the corresponding period last year.
The improvement in profitability has been due to subsidy income resulting from compensation for sulphur based complexes under the new Subsidy Scheme, higher profitability from Pesticides and Specialty Nutrients businesses, and lower interest cost. Besides, the income received under the Business Assistance Agreement with Foskor Pty Ltd, South Africa, amounting to Rs.158.59 cr also contributed for the higher profitability.
The Board of Directors also approved an interim dividend of 300% on the equity capital of the Company to the shareholders whose name appear in the register of Members on January 30, 2009. The Board of Directors reappointed Mr V Ravichandran as Managing Director of the Company for a further period of five years effective January 22, 2009.
A copy of the advice to the Stock Exchanges giving the highlights of the unaudited financial results approved by the Board of Directors of the Company on January 22, 2009 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 30000 employees. The Group which has forged strong joint venture alliances with leading international companies like DBS Bank, Mitsui Sumitomo, Cargill, China Engineering & Explorations Bureau and Groupe Chimique Tunisien, has consolidated its status as one of the fastest growing diversified business houses in India.
