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Coromandel Intl Q3 net profit soars 54 pc

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Press Trust of India New Delhi
India's second-largest phosphate fertiliser maker Coromandel International today posted 54 per cent jump in its consolidated net profit at Rs 172.13 crore during the third quarter of the 2017-18 fiscal.

Net profit had stood at Rs 111.81 crore in the year-ago priod, the company said in a regulatory filing.

Total income increased to Rs 2707.33 crore in the October-December period of the current fiscal from Rs 2,282.61 crore in the same period last year.

Expenses rose to Rs 2,443.50 crore from Rs 2,112.12 crore in the said period.

Commenting on the performance, Coromandel International Managing Director Sameer Goel said that the farm sector remained positive in its key operating markets, augmenting the overall input consumption.

"With government's focus on agriculture, moderated channel inventories and early prediction of a normal monsoon in our addressable market, we expect positive agrarian sentiment to continue over the next season as well," he observed.

In the filing, the company said the Board has approved the acquisition of the Bio Pesticides Business of EID Parry on a going concern basis and by way of a slump sale for a lump sum consideration of Rs 302.61 crores subject to adjustment for working capital as on the closing date.

The Board has also approved acquisition of shares held by EID Parry in the US-based Parry America for Rs 35.40 crores with effect from April 1, 2018 or such other date as may be agreed to by the Board.

"Approval of the shareholders is being sought for these transactions through postal ballot/e-yoting," the company added.

The Board has elected M M Murugappan as new chairman. He will replace the incumbent A Vellayan after retirement. Vellayan will assist the company as an advisor.

The shares of the company, which is into crop protection, nutrient and other allied business, rose by 4.57 per cent to settle at Rs 552.50 on the BSE today.

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First Published: Jan 31 2018 | 7:25 PM IST

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