The Hindu Business Line : Coromandel Fertilisers Q1 profit dips 53 pc

COROMANDEL Fertilisers Ltd, part of the Chennai-based Murugappa Group, has suffered a major fall of around 35 per cent in sales turnover and 53 per cent in net profit for the first quarter of current fiscal ended June 30.

As per the unaudited financial results, the company posted a net sales of Rs 125.89 crore against Rs 192.43 crore in the corresponding quarter of the previous fiscal, while the net profit dipped to Rs 9.88 crore (Rs 21.01 crore).

This has resulted in a decreased EPS of Rs 3.89 (Rs 8.27) on an equity base of Rs 25.41 crore.

For the fiscal ended March 2005, the company posted a net profit of Rs 69.2 crore on a sales turnover of Rs 1,554-crore, yielding an EPS of Rs 27.24 with reserves standing at Rs 353.65 crore.

Explaining the reasons for the poor performance, the Coromandel Fertilisers President, Mr V. Ravichandran, said in a press release that fertiliser business being seasonal in nature and the first quarter being off-season months, the financial results of the company were not indicative of its overall performance for the year.

The net sales from operations for the quarter under review include Rs 7.88 crore relating to the previous year arising on account of an announcement by the Government of the final rates of concession for complex fertilisers.

The company's stock is hovering at Rs 245 on both the BSE and the NSE with a year's high price of Rs 260 and low of Rs 115.

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