Chennai: Fertiliser major Coromandel Fertilisers Limited has closed the first quarter of the current fiscal with a turnover of Rs356.16 crore and a net profit of Rs12.37 crore. The figures for the corresponding period of the previous year were Rs125.89 crore and Rs7.70 crore respectively.
According to the company the all-round improvement in the performance has been mainly due to increased volume of production, sales and improved productivity.
During the quarter the Murugappa group company has acquired 50.72 per cent stake in Ficom Organics Limited, Ankleshwar, manufacturing and marketing agrochemicals, intermediates and speciality chemicals.
The Board of Coromandel Fertilisers also approved an investment upto 15 per cent of the equity capital of the proposed joint venture project with Group Chimique Tunisien, Tunisia and Gujarat State Fertilisers Corporation for the manufacture of phosphoric acid at Tunisia.