Coromandel International financial results

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 have 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 advice 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.