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Coromandel International Ltd

BSE: 506395 | NSE: COROMANDEL ISIN: INE169A01031
Market Cap: [Rs.Cr.] 4,649.05 Face Value: [Rs.] 1
Industry: Fertilizers

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Management Discussions

Coromandel International in brief

Coromandel is a flagship company of the Murugappa Group and is a subsidiary of E.i.D.Parry (india) Limited (EiDP) which holds 60.83% of the equity share capital in theCompany. The Company is engaged in the business of farm inputs comprising of Fertilisers,Crop protection, Speciality Nutrients and Organic compost. The Company also operates anetwork of around 800 rural retail outlets under its retail business across AndhraPradesh, Telangana and Karnataka. The Company has 15 manufacturing facilities located inAndhra Pradesh, Tamil Nadu, Karnataka, Maharashtra, Madhya Pradesh, Uttar Pradesh,Rajasthan, Gujarat and Jammu & Kashmir. The Company's products are marketed all overthe Country through an extensive network of dealers and its own retail centers. The cropprotection products are exported to various countries.

During the year, Sabero Organics Gujarat Limited, a subsidiary of the Company has beenmerged with the Company pursuant to the Orders of the High Court of Telangana & AndhraPradesh and the High Court of Gujarat.

The Company has following subsidiaries and joint ventures for its various businessinitiatives:

a) CFL Mauritius Limited (CML)

b) Parry Chemicals Limited (PCL)

c) Dare investments Limited (DiL)

d) Liberty Pesticides and Fertilizers Limited (LPFL)

e) Coromandel Brasil Limitada (CBL), LLP

f) Sabero Organics America SA (SOAL)

g) Sabero Australia Pty Ltd. (SAPL)

h) Sabero Europe BV (SEBV)

i) Sabero Argentina SA (SA)

j) Sabero Organics Mexico SA de CV (SOM)

k) Coromandel SQM (india) Pvt Ltd.

l) Yanmar Coromandel Agrisolutions Private Limited (YCAS)

m) Coromandel Getax Phosphates Pte. Ltd

in addition, the Company also holds 14% equity stake in Foskor Pty Ltd, South Africa,through combined holding of Coromandel and CFL Mauritius Limited and a 15% equity stake inTiFERT, a strategic investment of the Company to secure supply of Phosphoric acid.

Economic Review

As per the World Bank's Global Economic Prospects release, the global economy recoveredmarginally in 2014 to 2.6%, from 2.5% in 2013. The stable growth in US, continuous andsteady revival in UK and picking up of growth in india have been the key factors forkeeping the global economy afloat. This more than offsets the conscious slowdown effortsby the government in China and the weak growth in Japan and Euro Zone. The world economyis still struggling to gain momentum as many high-income countries continue to grapplewith the legacies of the global financial crisis. China being the biggest consumer ofcommodities, its slowdown had a bearing on the global commodity prices. All threeindustrial commodity price indices (energy, metals and minerals, and agricultural rawmaterials) experienced decline during the year. Due to rising demand supply mismatch,crude prices in 2014-15 have plummeted by more than 50%. Going forward, World Bank hasprojected that the global economy would continue to revive and is expected to grow at 3.0%in 2015 and 3.3% in 2016. Soft commodity prices and persistently low interest rates wouldact as a support to the global growth. However, increasingly divergent monetary policiesacross major economies, weak world trade and geo political disturbances would act as adownward risk to growth.

india, on the other hand, experienced a positive business environment after two yearsof sub-par economic growth. 201415 has seen a rebound and economy has grown by 7.3% (basedon the revised base to 2011-12 from earlier 2004-05).

Backed by persistent efforts by RBI and further supported by significant fall in crudeprices, india during the year has witnessed rapid cooling off in inflation. From near 6%at the start of the year, WPi has entered negative territory and as of March 2015 it stoodat -2.33%. The current account deficit has also further contracted from 1.7% of GDP in2013-14 to an estimated 1.3% in 2014-15. Forigen portfolio inflows (US$ 40.8 billion) havestabilized the rupee, exerting downward pressure on long-term interest rates, reflected inthe yield on 10 year government securities, and contributed to the surge in equity prices.Capital inflows in 2014-15 remained strong and RBi's continuous intervention in the forexmarket led to sizeable accretion to the dollar reserves.

Going forward, continuous policy level reforms backed by healthy macroeconomicparameters such as low inflation, stable exchange rate and lower current and fiscaldeficit would further strengthen india's recovery in 2015-16.

Agriculture Sector in India

Post economic liberalization initiated in 1991, there has been a rapid growth inindustrialization in india. Despite this, agriculture continues to remain a predominantsector of the indian economy both in terms of contribution to GDP as well as in employmentgeneration. Currently more than 70% of the rural households depend on agriculture as theirprincipal means of livelihood. Agriculture sector also plays a major role in exportsconstituting a fifth of the total exports from india.

However, indian agriculture has lagged on the productivity front against the globalbenchmarks. Low irrigation, imbalanced nutrient usage and lack of technology interventionshave contributed to this trend. Urea subsidy policy continues to impact the nutrientconsumption pattern by creating artificial price disparity between

Urea and Phosphatic grades, leading to disproportionate N:P:K usage ratios. in order toachieve long term growth in agriculture and improve nutrient use efficiency, policyreforms need to be introduced. Some steps have been taken to improve the crop yields andfarmer returns through focusing on micro irrigation, enhancing soil health and increasingasset creation in rural sector through MGNREGA. However, major corrections are needed withregard to reduction in subsidies and increase in investments. Currently, the subsidypolicy has favoured Urea usage over P and K based grades.

Fertiliser Industry Overview Global market overview

As per Food and Agriculture Organization (FAO) of the United Nations, the demand fornutrients has remained healthy and the global consumption of the three key plant nutrients(NPK) has grown at a CAGR of 2.9% over the last five years (2009-14). During the year2014, the global consumption (NPK) is estimated at 186.9 million tons, an increase of 2.0%over the previous year. FAO estimates that the consumption for nutrients would continue toincrease at a CAGR of 1.8% over 2014-18 and would reach 200.5 million tons by 2018. Majorgrowth is expected to come from P and K nutrient based fertilisers. Strategic BusinessUnit Review

Fertiliser SBU

During the year, the agriculture sector was impacted by deficient monsoons, loweracreage and falling commodity prices. As per the 3rd advance estimate by the Agricultureministry, food grain production is expected to be down by 5.3% (251 mMT) Y-o-Y in 2014-15.Overall, the agriculture GDP growth remained marginal at 0.2%. Falling global commodityprices will be a big challenge against agri growth in 2015 as major crop (Cotton, Rice,Wheat) prices have shown a declining trend. As per the World Bank estimates, agriculturalprices, which fell 3.4% in 2014, will further decline by almost 5% in 2015 beforerecovering marginally in 2016.

In Brief

Coromandel is the market leader in Phosphatic fertiliser segment, with a productioncapacity of 36.25 Lakh tons of Di-Ammonium Phosphate (DAP) and Complexes. The Company'sfertiliser manufacturing facilities are located at Vishakhapatnam and Kakinada in AndhraPradesh and Ennore in Tamil Nadu, making it the largest phophatic manufacturer amongstprivate sector players in india. Coromandel has facilities to manufacture phosphoric acidand sulfuric acid at Vishakhapatanam and Ennore. The Company produces and marketsPhosphatic (P) and Potassic (K) Fertilisers of various grades with different compositionof nutrients. The Company also distributes imported DAP, Potash, Urea and NPKs.

Coromandel operates in all the fertiliser segments -Nitrogenous, Phosphatic andPotassic fertilisers, offering a complete bouquet of products to farmers.

Urea is being handled under government contract through Kakinada and Karaikal ports.

Globally, fertiliser prices are projected to fall marginally in 2015, as pricemoderation in natural gas feeds into prices of nitrogen- based fertilisers. The recentchange in the tariff structure in China, the world's largest producer and consumer offertiliser, may increase global supply. China has shifted to flat tariff structure fromCY15 on the fertiliser exports. Under the new system, flat tariff of 80CNY/MT will becharged on Urea and 100CNY/MT on Phosphates. The move is likely to increase fertilisersupplies from China throughout the year.

India Market overview

El Nino caused weak monsoons during the Kharif season, resulting in drop in cropacreages and low reservoir levels. AP and Telangana (Coromandel's primary markets) wereseverely affected and industry sales of fertiliser declined by 3%. Unseasonalthundershowers and hailstorms during Rabi harvest period in North and West india havefurther caused crop losses. Overall, india's food grain production is estimated to fall byatleast 5% in 2014-15 to 251 million MT.

Despite the tough market conditions, the fertiliser system inventories have come downand cash inflows have improved during the year. Overall, the Phosphatics Fertiliserindustry continued to revive and grew by 12% in 2014-15. The growth was primarily drivenby Complex fertiliser segment, which improved by 14% over 2013-14 levels to 82 lakh MT.The industry's production volumes were up by 13% to 78 lakh MT as against 69 lakh MT in2013-14, while imports have been almost negligible at 3 lakh MT. DAP import volumesincreased during the year to 38 lakh MT, but domestic production

dropped to 34 lakh MT. Overall, DAP segment sales improved by 9%. MOP consumption hasincreased by 27% over 2013-14 levels to 28 lakh MT in 2014-15.

Prices of raw materials and fertilisers have remained relatively stable during theyear. in addition, the rupee has been stable, reducing volatility in input costs. Duringthe second half of FY15, fertiliser prices appreciated due to spike in Ammonia andPhosphoric acid costs. The lowering of system inventories has led to tightening of dealercredit period across industry.

The various expansion projects announced by domestic manufacturers to meet futuredemand is likely to increase the availability of phosphatic fertilisers from domesticproduction, as we go forward.

Government policies

Nutrient Based Subsidy (NBS) continues to influence the farmer's buying behaviorthrough consumption bias towards Urea due to artificially low prices. During the year, thesituation improved slightly, and share of DAP and Complex fertilisers in the overallfertiliser sales moved from 30% in 2013-14 to 32% in 2014-15. However, Urea continues tobe the major nutrient source.

Current trends in agriculture reveal that the marginal productivity of soil in relationto the application of fertilisers is declining. Government has introduced ComprehensiveNew Urea Policy 2015 to address the issue of declining soil health and high subsidy . ThePolicy targets maximizing indigenous urea production and promoting energy efficiency inurea units to reduce the subsidy burden. Move towards promotion of neem coated Urea andgas price pooling are steps taken in this direction. Going forward, industry expectsfurther reforms to happen that will help in bridging the consumption ratios towardsPhosphatic fertilisers for achieving the dual objective of food security and fiscalcontrol.

The subsidy values for P and K fertilisers have been coming down over the years and theshare of subsidy in the overall realization is currently at 34% against 62% five yearsbefore.

Per Kg NBS rates for nutrients NPKS

Nutrients 2010-11 2011-12 2012-13 2013-14 2014-15
'N' (Nitrogen) 23.2 27.2 24.0 20.9 20.9
'P' (Phosphate) 25.6 32.3 21.8 18.7 18.7
'K'(Potash) 24.0 26.8 24.0 18.8 15.5
'S' (Sulphur) 1.8 1.7 1.7 1.7 1.7

Fertiliser Subsidy allocation for FY16 is pegged at similar levels overall, with slightreallocation of P and K subsidies towards indigenous urea.

Subsidy Allocation (FY16)

' Rs.000 Cr


Budget Revised Estimate Budget
Urea - imported 12.3 12.1 12.3
Urea - indigenous 36.0 38.2 38.2
Phosphatic 24.7 20.7 22.5
Total 72.9 70.9 72.9

Fertiliser Performance

During the year, Coromandel has further fortified its leadership position in theComplex fertiliser segment, by enhancing its market share from 23% in 2013-14 to 26% in2014-15. it is now the market leader in Complex segment. The overall market share inPhosphatics segment improved from 16.0 to 16.3% with a healthy volume growth of 15% overlast year.

The brand equity index in key markets has seen a turnaround, and is reflected inimproved share in the addressable markets of Andhra Pradesh, Telangana, Karnataka, TamilNadu and Maharashtra. Consistent drive towards brand promotion and multipronged channelapproach through Trade, Retail and institution routes have resulted in growth in salesvolumes.

During the year, Coromandel improved its credit terms with the channel on account oflower pipeline stocks. Borrowings have also been effectively managed to minimize interestcosts.

The year saw establishment of Divisional Marketing Offices across six regions toimprove customer interface and response time. With the setting up of Marketing, Supplychain, Finance and HR support services at the regional level, it is expected to improvedecision making and customer servicing, going forward.

Fortified products like 24:24:0:8S and Zincated DAP were introduced and production wassuccessfully stabilized. The flagship product 28:28:0, which is a unique grade forCoromandel, was successfully manufactured in C-train at Kakinada plant for the first timewith improved production rate and good quality. Coromandel's pioneering effort inimproving soil organic content through the use of compost, low grade potash from molasses,soil enrichers like organic cakes, branded gypsum were well received by the farmingcommunity across india.

Global Crop Protection Market

(USD million)

Region 2013 2014 Growth (%)
NAFTA 10,011 9,591 -4.2
Latin America 14,026 15,882 + 13.2
Europe 13,634 14,131 +3.6
Asia 14,432 14,770 +2.3
Rest 2,105 2,050 -2.6
World 54,208 56,424 +4.1

During the year, the Company's operations were affected by Hud-Hud Cyclone that hit theVizag unit. The Vizag unit demonstrated its ability of disaster management and emergencyresponse during the severe cyclone attack at the plant. Due to adequate safety measures,the Company had nil injury despite damage in the plant. The restoration is underway and isexpected be completed in the first quarter of 2015-16. Kakinada unit developed innovativeprocess of manufacturing DAP and NPKs with alternate fuel, which helped in continuouslyrunning the plant at same efficiencies and quality. Ennore unit successfully manufactured20:20:0 grade with urea for the first time and hence is now capable of manufacturing morethan one grade, adding to its operational flexibility.

Overall, the total production of DAP and complexes from Company's production facilitiesimproved by 7% during the year to 24.19 Lakh MT.

Coromandel has always given top most priority to its Safety, Health and Environment(SHE) performance and standards. This legacy was carried forward and all the plants haveachieved new standards in terms of Safety and Environmental performance. The TotalRecordable injury Rate per million man hours (TRIR) of the fertiliser units is less than 1(0 at Kakinada, 0.74 at Vizag and 0.675 at Ennore) at all the three manufacturing unitsand ranks amongst the best in the chemical industry.

The Company has adopted various management systems such as PSMS, Environment managementsystems which are integrated in daily operations at all the units. investment was made atall the manufacturing units to improve structural integrity.

Coromandel continued its commitment towards the environment. "Greening of PhosphoGypsum Heaps" project at Vizag with the help of TERi has further expanded itscoverage to 18 acres, transforming the acidic and alkaline soils into green cover in theplant. The effort has been appreciated and awarded at various forums and is setting abenchmark for the phosphoric acid industry. The focus on greening and participation inGreen Visakha will be progressed further for improving the environment in the city.

As part of "Swachh Bharat" movement, the Company was actively involved invarious state and central government programs for enhancing proper usage of processed citywaste. Enhanced and regular use of carbon rich compost to preserve healthy carbon-nitrogen ratio in soils has been recognized as an important factor to improve soil health.Promotion of compost and its variants were given necessary support and several marketdevelopment programs were carried out throughout the year.

Coromandel proved its cost leadership by maintaining better controls on conversioncosts and other fixed cost, without compromising on SHE standards or any other operationalparameters. Continuous focus on operational improvement has

helped in achieving better raw material efficiencies and specific consumption norms ofutilities at all sites.

Overall, the Fertiliser business of the Company had gone from strength to strength inthis difficult year. This has been possible through the innovative thinking andinitiatives taken throughout the year to ensure that the desirable results are achieved ona sustainable basis.

Crop Protection SBU Industry Overview

Agrochemicals have emerged as the strongest growing segment amongst the agri inputspace witnessing revenue CAGR of 18% over FY06-FY14. As per the knowledge paper releasedby FiCCI, the Indian crop protection industry was around USD 4.25 billion in 2013-14 andis expected to grow at a CAGR of 12% to reach USD 7.5 billion by 2018-19. Exportscurrently constitute almost 50% of indian crop protection industry and are expected togrow at a CAGR of 16% to reach USD 4.2 billion by 201819. This would also result in anincrease in share of exports to around 60% in indian crop protection industry. Domesticmarket, on the other hand, would grow at 8% CAGR, as it is predominantly monsoondependent, to reach USD 3.3 billion by 2018-19.

During the year, global agrochem (Crop and Non-crop) market has improved by 3.9% toreach USD 63 billion. The global crop protection alone has increased by 4.1% to reach USD56 billion in 2014 and it is expected to be USD 70 billion in 2019, growing at a CAGR of5.5% from 2014-2019. Key elements in this market performance were weakening prices ofglyphosate, crop commodity prices declining as the year progressed and the strengtheningof the US dollar.

Source : Phillips McDougall Crop Protection Performance

During the year, Crop Protection SBU recorded moderate growth, by leveraging itsexports business in key Latin America (LATAM) and Europe markets. Strong demand forMancozeb (MZB) in global markets and Chloropyriphos (CPP) in Brazil were the key growthdrivers. However, weakening of the local currency in some countries in South America andAfrica has impacted the landed cost of the product.

The formulation business was affected by season failure and subsequent low pestincidence during Kharif and Rabi seasons. Drought in key markets and unseasonal rainfallled to building up of inventory, which resulted in price pressures in generics. However,the new combination products and sustained focus on Specialties helped in generatingmomentum. Umbrella brand "Gromor Suraksha" was extended across india, whichhelped in improving brand equity.

During the year, the Company stabilized its plant operations at Sarigam and re-startedthe multipurpose plant. The capacity enhancement projects in Profenofos and Malathion werecompleted at Ankleshwar. There has been a strong global demand for Mancozeb/Propineb andto tap this opportunity, the Company is carrying out debottlenecking at its plant tofurther enhance production volumes and operational efficiency.

A new advanced R&D product synthesis lab was set up in Hyderabad during the year.The lab would focus on cost reduction projects by way of process improvement, effluentreduction and improving productivity. The R&D Center will also create technicalcapability and competency for development of new off patent molecules and combinationformulations by leveraging new technologies.

To keep a tab on global happening on crop protection, where China is a majorinfluencer, the Company has established a dedicated set-up in China during the year to getreal time information on key policy measures on environment & taxation and update onseasonal fluctuations and commodity trends. Going forward, it will help in developingnetwork with traders/ manufacturers/ agents to evaluate price trends and improveprocurement efficiencies for Crop Protection business.

Speciality Nutrients SBU

Speciality Nutrients Division (SND), which comprises of Water Soluble Fertilisers,Sulphur products and Micro Nutrients, is poised to surge forward in years to come. Withincreased Government's focus towards balanced crop nutrition and improved awareness levelsamong farmers, the segment offers growth opportunities. Over the last two years, theDivision has moved closer to the customer by reorienting the team around the crop basedunits.

in FY15, SND made significant progress towards strengthening this crop based promotionapproach through "Gromor Sampoorthi" initiative. The initiative aims atproviding complete crop specific nutrition solution to maximize farmer's yields throughadoption of Speciality fertilisers. Large scale demo to showcase Gromor Sampoorthi programwas undertaken on Sugarcane crop in Tamil Nadu. Co-branding and collaborative activitieswith micro irrigation companies were taken up with an objective to identify crop clustersto conduct joint demos and farmer meetings and convert drip irrigation farmers to adoptfertigation. The joint venture with SQM Chile, Coromandel SQM (CSQM), continued to helpCoromandel through knowledge sharing and new product introduction during the year.

Retail SBU

The Retail business sustained its performance in 2014-15 despite persistent adverseweather and tough market conditions in Andhra Pradesh and Telangana. A number of newinitiatives were introduced by Retail SBU during 2014-15 to improve process efficienciesand facilitate long term growth.Overall, the share of non fertiliser turnover improvedfrom 32% to 36% during the year.

"Gromor Nutrient Manager", an iT enabled tool, which delivers customisedfertiliser application recommendation based on farmers' soil fertility to increase theirreturns on fertilisers, was introduced. Auto-indenting and Auto Replenishment wasimplemented for the non-fertiliser products to improve supply chain efficiencies. iTenabled Customer Loyalty Programs were rolled out to increase repeat purchase. Systematicdemand generation process was introduced to improve customer service and their subsequentconversion. Product range expansion was undertaken to satisfy customer needs and expandofferings.

The total number of stores has increased to around 800 in Andhra Pradesh, Telangana andKarnataka from 690 in 2013-14.

The Retail Business has received many prestigious awards in 201415 in recognition ofits contribution to agriculture and business performance in rural retail.

• CMO Asia Award in Singapore for "The Best Customer Loyalty Program"

• "Skoch Order-of-Merits" for india's Best Projects

• Consortium of Farmers Association Award for Rs.Outstanding Agri solutionsProvider of india'

Single Super Phosphate (SSP) SBU

With the integration of erstwhile Liberty Phosphate operations, Coromandel hasestablished a national footprint by expanding business to Northern and Western markets.Company has widened its product portfolio, offering low "P" SSP fertiliser tomeet demands of all customer segments, including small and marginal farmers. With this,the market share of Rs.P' nutrient has gone up significantly for Coromandel, along withexpansion in production capacity to about 10 lakhs tons.

With opportunity to source the raw materials for SSP from domestic markets, it becomesa perfect fit to the Rs.Make in india' theme. The product is ideally suited for oilseedcrops (soyabean, groundnut) prevalent in Western and Central india. The expansion of SSPwill bring twin benefits of serving the farming community through low cost alternative aswell as rationalizing the nation's trade balance. Having presence across the majorconsumption pockets, Coromandel has positioned itself to take a leap forward in thesegment. With focus on product quality, Company plans to differentiate itself among thepeers.

During the year FY15, Coromandel's SSP business showed 1.5% volume growth, as majorconsumption markets, like MP and

Rajasthan, witnessed drop in crop acreages. Excess stock built up and season failurehas led to performance pressure in the industry. However, the SSP industry continues towitness Capex announcements despite decline in consumption and low capacity utilization.

During FY15, SSP Business engaged in brand building initiatives for integrating DoubleHorse brand with Gromor through mass media campaigns. Major initiatives to increaseawareness about the quality were undertaken for developing product differentiation. TheSSP Business has enhanced its raw material procurement efficiency by tying up rock andacid sources.

Going forward, SSP business plans to enhance its operations by improving market sharein regions located near to the plants and intensify branding exercise through value addedgranulated product offering.

Opportunities and Strengths Opportunities

• Steady economic recovery in india, backed by stable macro economic factors andintensified government initiatives on policy level, de-bottlenecking key industries suchas Power, infra and Mining.

• Enhanced focus on Agriculture by improving soil health and efficient use ofwater. This would lead to increased demand for complex and water soluble fertilisers.

• Rationalization of government's approach towards fertiliser subsidy which iscurrently biased towards urea.

• increased allocation for MGNREGA and Unified Agriculture Market proposal tocreate assets in rural sector and improving farm income and higher spending in farmsector.

• Current farm mechanization is around 25% in india, highly variable acrossregion, as against 90% in developed countries.


• Vast bouquet of Agro-chemical products starting from Fertilisers, CropProtection, Speciality Nutrients and Organic Manure.

• Strategically located plants to serve key markets Andhra Pradesh, Telangana,Karnataka, Tamil Nadu and Maharashtra.

• Enhanced geographical presence in Northern & Western region post merger oferstwhile Liberty Phosphate.

• Well established brands Gromor and Godavari.

• Capability to produce different grades of complex fertilizers including ureabased grades at all locations. Vizag unit holds capabilities to process different type ofraw materials like rock & phosphoric acid.

• Production facilities for intermediates like Phosphoric acid and Sulphuric acidin Vizag and Ennore help in capturing value and de risk the business.

• Holds strategic tie-ups for secure and sustained sourcing of raw materials.

• Strong loyalty of farmers built through continuous demos of scientificallyproven agricultural practices, efficient use of fertilisers and crop protection products.Soil testing to identify deficiencies and providing customized solution.

• Extensive retail operations through vast network of around 800 Mana Gromor andNamma Gromor retail centers in Andhra Pradesh, Telangana and Karnataka leads to increasedconnectivity with farmers.

• Significant Exports presence in Crop Protection business and multiple productregistrations spread across geographies.

• Strong synergy across businesses that complement each other's growth.

• Active focus on R&D with a Fertiliser Technology Centre at Visakhapatnam forFertilisers and R&D facilities for Agro chemicals at Hyderabad, Sarigam andAnkleshwar.

• Dedicated set-up in China, the biggest influencer on global agro chemicalsmarket, for real time update.

• Strategic alliance for Speciality Nutrients business and Farm Mechanization.

Financial Review

The Company's overall financial performance for the year 201415 has been good. Thetotal revenue stood at Rs. 11341 crore in 2014-15 as compared to Rs. 9442 crore in theprevious year. The Company's PBT is Rs. 592 crore as compared to Rs.494 crore in theprevious year.

The Company generated Rs. 974 crore (2013-14: Rs. 835 crore) of cash surplus from itsoperations, before changes in working capital and after adjusting for the changes inworking capital, the net cash generated from operations is Rs. 85 crore (2013-14: Rs. 1452crore).

The Board of Directors of the Company and its subsidiary, Sabero Organics GujaratLimited ("Sabero"), in their meetings held on 24 January 2014 approved a Schemeof Amalga

Futures & Options Quote
Future Data Not present
Key Information

Key Executives:

A Vellayan , Chairman

B V R Mohan Reddy , Director

M M Venkatachalam , Director

V Ravichandran , Vice Chairman

Company Head Office / Quarters:

Coromandel House,
1-2-10 Sardar Patel Road,
Andhra Pradesh-500003
Phone : Andhra Pradesh-91-40-27842034/27847212 / Andhra Pradesh-
Fax : Andhra Pradesh-91-40-27844117 / Andhra Pradesh-
E-mail : mail@coromandel.murugappa.com
Web : http://www.coromandel.biz


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