Coromandel International Limited, which is into fertilisers, pesticides and specialty nutrients, posted a 48.7 per cent rise in net profit at Rs 102.08 crore for the third quarter (Sept-Dec), as against Rs 68.65 crore for the same period last year. Total income from operations rose 8.3 per cent to Rs 2,500.72 crore from the previous Rs 2,308.94 crore.
Coromandel managing director, Kapil Mehan, said good monsoons coupled with a stable exchange rate contributed to the improved performance of the businesses.
Sabero merger
A scheme of amalgamation for the merger of Sabero Organics Gujarat Limited (SOGL) with Coromandel was approved by the boards of both the companies on Friday. Coromandel, along with its wholly-owned subsidiary Parry Chemicals Limited (PCL), holds 74.9 per cent equity stake in SOGL.
According to a communique to the stock exchanges, public shareholders of SOGL will be issued shares in Coromandel in the ratio of 5 equity shares of Re 1 each of Coromandel for every 8 equity shares of Rs 10 each of SOGL in terms of the scheme. The shares held by Coromandel and PCL in SOGL shall get extinguished after the merger. The valuation report in this regard was provided by Mumbai-based independent chartered accountants, SSPA & Co.
