(1) Coromandel International Q2 net down 32.5 pc at Rs 160 crore
Coromandel International Limited, a maker of fertilisers and pesticides, today said its consolidated net profit for the quarter ended September 30 fell 32.5 per cent to Rs 160 crore.
The net profit for the Murugappa Group firm in the same period last fiscal stood at Rs 237 crore.
The dip in net profit was due to to higher production costs and reduced subsidy income, said Kapil Mehan, Managing Director, Coromandel International Limited ( CILBSE -0.75 %).
However, the total income in September 2013 quarter stood at Rs 3,228 crore as against Rs 2,697 crore in the same period last fiscal.
"Strong and active monsoon has had a positive effect on all the agri-inputs business of the company during the quarter. Though the cost push pressures and the weakening of the rupee have impacted the financials, we are confident that our perseverance and focus of catering to the needs of the farming community through our diversified business will help us in achieving our long term business objectives," Mehan said in a press conference.
The consolidated EBIDTA (Earnings Before Interest, Taxes, Depreciation, and Amortisation) for the quarter has registered a growth of 20 per cent over corresponding previous quarter excluding prior year subsidy income, he added.
The city-based company is a leading manufacturer of fertilisers, crop protection products and speciality nutrient products.
(2) Mills refuse to sell sugar cheap
Sugar prices on the Vashi wholesale market declined by Rs 15-25 a quintal for M-grade and Rs 5-13 for S-grade on higher selling pressure at upper level. Naka and mill tender rates were unchanged as mill refused to sell at a lower price, resulting in the volume dropping.
Activities were restricted at ample stocks are available in the market. Prices on domestic futures market dropped on profit booking. Jagdish Rawal of B. Bhogilal & Co said that in Vashi arrivals and local dispatches were routine. Demand for the fine variety continued to be higher ahead of Diwali. The market carries ample stocks and producers are continuously selling in local markets in absence of neighbouring
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