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Our Bureau

Hyderabad, Oct. 26

Coromandel Fertilisers Limited (CFL), an arm of the $2-billion Murugappa group, has registered a higher turnover and net profit for the second quarter ended September 30, 2007, thanks to the new initiatives in the areas of marketing, distribution and retail.

“We have started a process to do away with the intermediaries in order to reach the farming community. For example, we have roped in women self-help groups to sell fertilisers and pesticides,” Mr Nagarajan, Chief Financial Officer (CFO) of CFL, told Business Line. The three-month-old retail initiative ‘Mana Growmore’ has shown good results, with nine centres contributing Rs 10 crore. “We have begun working on a strategy to scale-up the retail initiative,” he said.

The new marketing strategy has helped the company cut costs significantly. The company registered a turnover of Rs 915.18 crore during the quarter as against Rs 748.42 crore. The net profit was put at Rs 66.27 crore (Rs 51.47 crore).

For the first half, it recorded a net profit of Rs 79.24 crore (Rs 63.07 crore) on a turnover of Rs 1,166.84 crore (Rs 1,120.38 crore).

The company’s consolidated figures (including Godavari Fertilisers and Chemicals Limited) showed an increase of turnover to Rs 1,803.25 crore in the second quarter from Rs 748.16 crore in the same quarter last year. The net profit for the period stood at Rs 93.18 crore (Rs 66.25 crore).

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