The Hindu Business Line : Coromandel Fert net rises 59 pc

COROMANDEL Fertilisers Ltd (CFL), a part of the Rs 5,200-crore Murugappa group, posted a turnover of Rs 1,222.59 crore and a net profit of Rs 43.10 crore for the year 2003-04. The company's board of directors has recommended a dividend of Rs 6.5 per equity share of Rs 10 each for the year.

The company registered 107 per cent growth in turnover and 59 per cent increase in net profit compared with the previous year's turnover of Rs 589.77 crore and a net profit of Rs 27.03 crore. However, last year's results incorporated the performance of the Farm Inputs Division (FIND) of E.I.D Parry (India) Ltd (EIDP) that was merged with CFL and hence the results were not comparable with that of the previous year.

According to the audited financial results, CFL's earnings per share last fiscal stood at Rs 16.97 on the enhanced equity capital of Rs 25.41 crore. The company's capital was enhanced due to allotment of shares to the shareholders of EIDP consequent of the merger of FIND.

During the year under consideration, CFL also acquired 25.88 per cent shares of Godavari Fertilisers and Chemicals Ltd (GFCL) held by the Andhra Pradesh Government and a further lot of 14.94 per cent from the shareholders of GFCL through an open offer.