Coromandel fertilisers Q1 sales zooms

Chennai, July 18 (UNI) The Coromandel Fertilisers Limited, a Murugappa Group Company, had registered a sales turnover of Rs 356.16 crore for the first quarter ending June 30 as against Rs 125.89 crore in the corresponding period last year.

A company release here said the unaudited financial results for the first quarter were approved by the board of directors at its meeting held here today.

The gross profit before depreciation, interest and taxes for the three-months period was Rs 35.90 crore as against Rs 20.51 crore during the same period last year, reflecting an improvement of 75 per cent.

During the quarter, the company acquired 50.72 per cent stake in Ficom Organics Limited, Ankleshwar which will facilitate in consolidating the company's pesticides business.

The board, at today's meeting, approved an investment of upto 15 per cent in the equity capital of the proposed joint venture project with Group Chimique Tunisien of Tunisia and Gujarat State Fertilizers Corporation for manufacture of phosphoric acid at Tunisia and entering into shareholders agreement with the joint venture partners,it added.

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