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Coromandel International, the phosphatic fertiliser producer, reported a nearly 12 per cent dip in its standalone net profit for the quarter ended December 31 at Rs 133.56 crore, against Rs 150.29 crore in the year-ago period.
The fall was mostly on account of an exceptional item representing a non-compete fee of Rs 35.53 crore paid to the erstwhile Indian promoters of Sabero Organics as per the share purchase agreement.
Coromandel International, part of the Rs 17,000-crore Murugappa Group, completed the acquisition of Sabero Organics Ltd during the quarter. The company's net sales from operations touched Rs 2,550 crore, up from Rs 2047 crore in the same period last fiscal.
The Board of Directors approved an interim dividend of 400 per cent (Rs 4 per share) on face value of Re 1 per share.
Its expenditure also increased to Rs 2,327.29 crore from Rs 1,842.56 crore during the period. Consumption of raw materials during the quarter was Rs 1,588.19 crore (Rs 1,326.21 crore).
Commenting on the performance, Mr Kapil Mehan, Managing Director, said: “Without considering the exceptional item (Rs 35.53 crore), the PBT for the quarter has gone up by four per cent to Rs 224.78 crore (from Rs 216.29 crore in the year ago period).”
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