Coromandel Q1 net up at Rs 12.37 cr

CHENNAI: Coromandel Fertilizers Limited, a Murugappa Group company, has earned a net profit of Rs 12.37 crore during the first quarter of the current fiscal, against Rs 9.88 crore in the year-ago period.

The sales turnover during the period was Rs 356.16 crore against Rs.125.89 crore for the corresponding period last fiscal, a company press release said.

During the quarter, the company acquired 50.72 percent stake in Ficom Organica Limited, Ankleshwar, which would help consolidate the company's pesticides business, it said.

The company's board meeting here today also approved investment upto 15 per cent in the equity of the proposed Joint Venture project, being put up with Group Chimique Tunisien, Tunisia and the Gujarat State Fertilisers Corporation for manufacture of phosphoric acid at Tunisia, the release added.