Coromandel net up 59%

Coromandel Fertilisers Limited's (CFL) net profit rose by 59 per cent to Rs 41.10 crore during 2003-04 from Rs 27.03 crore in the previous year.

The company achieved a turnover of Rs 1,222.59 crore, a growth of 107 per cent, when compared to Rs 589.77 crore in 2002-03.

The results incorporate the performance of the Farm Inputs Division (FIND) which has been merged with the company during 2003-04. Hence they are not comparable with those of 2002-03, the company said in a release here yesterday.

FIND comprises the fertilisers and pesticides businesses of EID Parry (India ) Limited (EIDP). The company's paid-up equity capital at present stands on Rs 25.41 crore, as compared to Rs 19.46 crore in 2002-03.

Following the merger of FIND, CLF's manufacturing facilities now extend to Ennore and Ranipet in Tamil Nadu and Thane in Maharashtra besides integrated complex fertiliser plant at Visakhapatnam.

The merger has given the company access to the entire marketing and distribution network and also brought about considerable synergy in raw material procurement besides giving flexibility in the market place in terms of product mix.

The company's acquisition of Godavari Fertilisers and Chemicals Limited (GFCL) also enabled the company to achieve synergy benefits in procurement of raw materials and logistics and distribution.

This company achieved creditable performance in production and sale of complex fertilisers, the company said in a release here.