Coromandel International lost 2.96% to Rs 169 at 09:45 IST on BSE, after the company reported 81.4% fall in consolidated net profit to Rs 21.42 crore on 2.2% rise in net sales to Rs 1882.76 crore in Q1 June 2013 over Q1 June 2012.
The result was announced after market hours on Tuesday, 23 July 2012.
Meanwhile, the S&P BSE Sensex was down 56.85 points or 0.28% at 20,245.28.
On BSE, 5,334 shares were traded in the counter as against an average daily volume of 7,481 shares in the past one quarter.
The stock hit a 52-week low of Rs 162.40 in intraday trade today, 24 July 2013. The stock hit a high of Rs 171.50 so far during the day. The stock had hit a 52-week high of Rs 304.80 on 3 September 2012.
The stock had underperformed the market over the past one month until 23 July 2013, falling 0.97% compared with the Sensex's 8.14% rise. The scrip also underperformed the market in past one quarter, declining 8.73% as against 5.85% rise in the Sensex.
The mid-cap company has an equity capital of Rs 28.31 crore. Face value per share is Re 1.
Coromandel International said that the consolidated results for Q1 June 2013 include consolidated results of subsidiaries Sabero Organics Gujarat, its subsidiaries and associate, consolidated results of Liberty Phosphate and its subsidiary; wholly-owned subsidiaries - Liberty Urvarak, Parry Chemicals, Dare Investments CFL Mauritius, (Coromandel Brasil Limitada and joint venture companies Coromandel Getax Phosphates Pte and Coromandel SQM (India).
Coromandel International said that pursuant to the open offer made to the public shareholders of Liberty Phosphate (LPL), during Q1 June 2013 the company has acquired 37.53 lakh equity shares (representing 26% of the equity share capital) at a price of Rs 241 per share in accordance with the Sebi (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. With this acquisition, the company now holds 1.14 crore equity shares representing 79.62% of the equity share capital of LPL, including 7.22 lakh shares (5%) held by Liberty Urvarak, a wholly owned subsidiary of the company.
Coromandel International informed that during Q1 June 2013, venture in Tunisia [the Tunisian Indian Fertiliser S.A. (TIFERT)], has commissioned the phosphoric acid plant and commenced production Pursuant to the shareholders' agreement in relation to TIFERT, the day to day operations have been assumed by the Tunisian Partners and the Company has accordingly discontinued proportionate consolidation under Accounting Standard 27 - "Financial Reporting of Interests in Joint Ventures" and is treating its investment in TIFERT under AS 13 - "Accounting for Investments".
During Q1 June 2013, certain entities of the group have hedged the risk of fluctuation in foreign currency arising from certain contracted export sales by entering into foreign currency forward contracts. In respect of such foreign currency forward contracts, those entities have applied hedge accounting principles of Accounting Standard 30 "Financial Instruments; Recognition and Measurement" (AS 30). Accordingly, mark-to-market effect of Rs 6.65 crore on such forward contracts as on 30 June 2013 has been debited to hedge reserve, Coromandel International said.
Coromandel International is engaged in the business segments of fertilisers, speciality nutrients, crop protection and retail.
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