Hyderabad-based Coromandel International Limited, a Murugappa group company which is into fertiliser and other farm input manufacturing business, has reported a 11.74 per cent decline in consolidated net profit to Rs 62.64 crore for the fourth quarter ended March 2012, as compared with Rs 70.98 crore in the corresponding quarter of the previous year.
However, the company posted a 119.3 per cent increase in total income for the quarter under review to Rs 2,749.77 crore, as compared with Rs 1,253.84 crore in the corresponding previous quarter. Total expenses for the quarter grew 123.16 per cent to Rs 2,610.85 crore from Rs 1,169.97 crore in the corresponding quarter of the previous year.
While the huge upside in the income was contributed by higher sales and higher price realisation, the decline in net profit was mainly due to the payment of non-compete fee to the erstwhile promoters of Sabero Organics that it acquired last year and on account of adjustments it had made in terms of subsidy amount received for the previous quarters, according to Kapil Mehan, managing director of Coromandel International.
However, on a stand alone basis, the company has reported a 67.36 per cent jump in net profit to Rs 121.54 crore for the fourth quarter under review, as compared with Rs 72.62 crore in the year-ago period.
For the full-year ended March 2012, the consolidated net profit declined 8.52 per cent to Rs 634.54 crore, as compared with Rs 693.67 crore in the previous year. While the total income grew 29.61 per cent to Rs 9,901.57 crore (Rs 7639.29 crore), total expenses grew 34.02 per cent to Rs 8,906.83 crore (Rs 6,645.78 crore).
The company is expanding the annual capacity at its Kakinada plant to 4 million tonne from the present 3.2 million tonne by the second half of the current financial year.
