Fertiliser maker Coromandel International has posted a 31 per cent increase in standalone net profit for the first quarter of the current fiscal at Rs 159.35 crore, as against Rs 121.45 crore in the year-ago period, mostly driven by higher sales.
The sales turnover during the quarter was Rs 1,790.11 crore, as against Rs 1548.87 crore, up by 16 per cent. The EPS of the company was higher by 30 per cent.
Nutrient-based subsidy
The company believes that the nutrient-based subsidy policy unveiled by the Government last year is a “good intervention, which not only ensured availability of phosphatic and potash fertilisers at reasonable prices to farmers, but also enabled companies to procure and secure raw materials well in time.”
Coromandel, part of the Rs 17,000-crore Murugappa group, manufactures a wide range of fertilisers and markets about 2.9 million tonnes. It has also ventured into retail business, setting up over 425 rural retail centres in the agriculture and lifestyle segments.
Sabero Organics
During the quarter, the company had signed a definitive share purchase agreement to acquire promoters' stake in Sabero Organics Ltd, which is in the business of manufacturing crop protection chemicals with a significant presence in the global markets.
In a separate communication to the BSE, the company has informed shareholders of Sabero that the date of opening of the open offer will undergo a change and the revised schedule will be announced separately after receiving SEBI's approval to the letter of offer.