Coromandel Intl posts 13% decline in profits in Dec quarter

MUMBAI: Fertiliser producer Coromandel International Ltd today reported 13 per cent decline in consolidated net profit at Rs 130.63 for the quarter ended December.

The company had reported net profit of Rs 150.45 crore in the year-ago period, it said in a filing to the BSE.

The total consolidated income of the company rose by 24 per cent to Rs 2,582.43 crore in the third quarter of the current fiscal as compared to Rs 2,076.34 crore in the same quarter of the previous fiscal.

In a separate filing to the exchange, the company has declared it will pay an interim dividend of Rs 4 per share to its shareholders for the current financial year.

Coromandel, which is the country's leading producer of phosphatic fertiliser, last year in December increased its stake in Mumbai-based Sabero Organics to 67.75 per cent, making the company its subsidiary.

Coromandel, which is part of the USD 3.8 billion Murugappa Group, is engaged in manufacturing fertilisers, speciality nutrients, crop protection and retail.

Shares of the company today rose by 0.90 per cent to settle at Rs 273.75 from its previous close at BSE.