Fertilizer manufacturer Coromandel International Q3 net profit up 38% at Rs 94 crore

HYDERABAD: Increased sale of fertilizers on the back of good monsoons have helped Coromandel International, a fertilizer manufacturer belonging to the $225 billion Murugappa group, report healthy growth in revenue and profit in December 2013 quarter.

The company saw its consolidated net profit grow by 38% at Rs 94.21 crore from Rs 68.39 crore in same quarter a year ago, while consolidated revenue improved by 13% at Rs 2,756 crore, up from Rs 2,424 crore in December quarter last fiscal.

Coromandel’s managaing director Kapil Mehan said, “Good monsoons coupled with stable exchange rate have contributed to the improved performance of the business. With strong focus on brand building and customer reach Coromandel increased its market share in major addressable markets.”

Meanwhile, boards of directors of Coromandel and Sabero Organics have approved the merger of Sabero with Coromandel, wherein Sabero shareholders would get five shares of Rs 1 each of Coromandel for every eight shares of Rs 10 each they hold.