The unaudited financial results of the Coromandel Fertilisers for the nine months ended December 31, 2007 were approved by the Board of Directors at its meeting held on January 22, 2008.

The Hon’ble High Court of Andhra Pradesh has approved the Scheme of Amalgamation of M/s Godavari Fertilisers And Chemicals Limited (GFCL) with Coromandel Fertilisers Limited. As such the financial results for the quarter ended December 31, 2007 includes those of GFCL and hence are not comparable with the previous period.

Sales turnover of the Company on a merged basis during this period is Rs.3172.92 crore as against Rs. 1629.02 crore (only CFL on Standalone basis) in the corresponding period last year.

The gross profit before depreciation, interest and taxes for the nine months period is Rs.412.09 crore against Rs.183.29 crore during the same period last year. Depreciation provided is Rs.40.34 crore (corresponding period last year Rs. 29.05 crore), interest charged Rs.51.51 crore (Corresponding period last year Rs.22.44 crore). Profit before tax is Rs.320.24 crore against Rs 131.80 crore for the corresponding period of last year.

Net Provision for taxation (including Fringe Benefit Tax) for the period works out to Rs.113.84 crore (net of deferred tax credit) (Corresponding period last year being Rs.47.82 crore). The net profit is Rs.206.40 crore as against Rs. 83.98 crore during the corresponding period last year.

The improvement in profitability is attributable to the various initiatives taken in the manufacturing, distribution and sales fronts resulting in higher contribution and increase in subsidy compensation for freight cost.

The Board of Directors also approved a proposal for expanding its Rural Retail Business.

Sourced From: IPAN

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