MUMBAI, Nov 4: Coromandel Fertilisers Limited has posted a 26.68 per cent rise in net profit to Rs 22.88 crore in the first half of the current financial year ended September 30, as compared with Rs 18.06 crore in the corresponding period in the last year. Net sales rose 41.14 per cent to Rs 296.16 crore from Rs 209.83 crore last year.

Net profit margins of the company were lower at 7.72 per cent as against 8.6 per cent in the same period last year, mainly on account of the higher provision for taxation at Rs 8.66 crore as compared with Rs 4 crore last year.

Depreciation was higher at Rs 4.5 crore as against Rs 3.78 crore in the last year, while interest charges dropped to Rs 8.8 crore from Rs 10.5 crore. On a paid up capital of Rs 24.32 crore, earnings per share (EPS) on an annualised basis works out to Rs 18.8 as compared with Rs 12 for 1996-97.

The company has achieved sales of Rs 2.88 lakh tonnes of fertilisers during the period as against Rs 2.23 lakh tonnes during the same period last year. The sales include 68,000 tonnes of imported diammonium phosphate fertiliser.

Gross profit registered a 39.47 per cent increase to Rs 36.04 crore over Rs 25.84 crore during the same period last year. Gross profit margins dropped marginally to 12.16 per cent from 12.31 per cent last year.

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