Fertiliser major Coromandel International Limited has reported a consolidated net profit of ₹183 crore for the second quarter ended September 30, 2014 as against ₹164 crore in corresponding quarter last year, registering a 12 per cent growth.

During the second quarter, the consolidated turnover of all Murugappa group companies was up 8 per cent at ₹3,466 crore as against ₹3,215 crore for the same period last year.

Beneficial policy

For the first half, the turnover was ₹5,347 crore (corresponding period last year ₹5,113 crore) and profit after tax was ₹218 crore (₹189 crore). Last fiscal, the company clocked a turnover of ₹9,381 crore.

Kapil Mehan, Managing Director, in a statement, said, “We are pleased with the all round improvement in the company’s performance on the strength of a robust products portfolio with strong franchise amongst our farmer consumers. Late recovery of monsoon also aided performance.”

“We expect that the comprehensive fertiliser policy initiated by the new Government will address the optimisation of nutrient consumption and improvement of soil health. This in turn shall boost the demand for phosphatic fertilisers and help in consolidating our position as a leading agri input player,” he said.

For the second quarter, the standalone turnover was higher by 12 per cent at ₹3,245 crore (₹2,899 crore) and net profit after tax for the quarter stood at ₹170 crore (₹145 crore). The plant at Visakhapatnam was impacted by the ‘Hudhud’ cyclone causing certain damages to the unit.

“The operations have commenced partially and the Company is in the process of lodging the insurance claim,” he said.

Sabero Organics

The company subsidiary Sabero Organics (Sabero) reported a turnover of ₹270 crore and EBITDA of ₹29 crore.

The petition filed by the company for the Amalgamation of Sabero has been approved by the High Court of Telangana and the State of Andhra Pradesh.

The Gujarat High Court’s sanction for the petition filed by Sabero is awaited.

Capital contribution has been made into a joint venture company, Yanmar Coromandel Agrisolutions Private Limited (Yanmar India), in the current quarter to engage in the manufacturing, sales and after-sales services of agricultural machinery.