Board approves financial results

Hyderabad, Jan 23 (UNI) The Board of Directors of Coromandel Fertilers today approved the company's unaudited financial results of three quarters ended December 31, 2006.

Sales turnover during the period is Rs 1596.53 crore, as against Rs 1290.86 crore in the corresponding period last year, representing an increase of 24 per cent, a release said here.

The gross profit before depreciation, interest and taxes for the period is Rs 182.63 crore compared to Rs 135.04 crore during the same period in the last fiscal showing a growth of 35.2 per cent; depreciation provided is Rs 27.06 crore.

Net provision for taxation (including Fringe Benefit Tax) for the period worked out to Rs 47.80 crore (net of deferred tax credit) (corresponding period last year being Rs 23.38 crore).

The net profit is Rs 86.15 crore as against Rs 67.62 crore in the corresponding period last year, registering an increase of 27.4 per cent, the release added.

The Board of Directors also approved the acquisition of equity shares of Godavari Fertilisers and Chemicals Limited (GFCL) held by Indian Farmers Fertilisers Co-Operative Limited (IFFCL), representing 25 per cent of the equity capital of GFCL, at a price of 150 per share.

UNI