The Board of Directors have pleasure in presenting the highlights of
 the performance of your Company together with the Audited Accounts for
 the Financial Year ended March 31, 2011.
 
 SUMMARY OF FINANCIAL RESULTS:
 
                                                  Rupees in crore
 
                                          2010-2011     2009-2010
 
 Income
 
 From Operations                            7527.95       6394.73
 
 Other                                       188.19        132.12
 
 Total                                      7716.14       6526.85
 
 Profit
 
 Profit before Interest,
 
 Depreciation and Taxation                  1134.42        843.04
 
 Less: Interest                               84.22         75.37
 
 Depreciation                                 61.74         59.23
 
 Profit Before Tax                           988.46        708.44
 
 Less: Provision for Tax
 
 (including deferred tax credit)             294.00        240.24
 
 Profit after Tax                            694.46        468.20
 
 Add: Surplus brought
 
 forward                                     203.18        148.86
 
 Amount available for
 
 Appropriation                               897.64        617.06
 
 Appropriation
 
 -       Interim Dividend
 
 (incl. dividend tax)                        131.47         98.45
 
 -       Proposed Final Dividend
 
 (incl. dividend tax)                         98.27         65.43
 
 -       Transfer to General Reserve         350.00        250.00
 
 -       Surplus retained in the
 
 Profit and Loss Account                     317.90        203.18
 
 Operations
 
 The Company has shown improved performance in all its business segments
 and achieved higher revenue of Rs.7716 crore for the year ended March
 31, 2011 (2009-10 - Rs.6527 crore). Profit for the year, before
 depreciation, interest and taxation was Rs.1134 crore, compared to Rs.
 843 crore in the previous year. Profit after tax was Rs.694 crore as
 against Rs.468 crore in 2009-10 recording an increase of 48%. Higher
 volumes and improved operating and raw material procurement
 efficiencies have significantly contributed to improved performance all
 round, resulting in higher profit.
 
 The Fertiliser division continued to improve on its performance with
 record volume of production and sales. The total fertiliser sales
 (including bought out fertilisers) during the year touched the record
 level of 31.0 lakh MT compared to 29.8 lakh MT in the previous year.
 Kakinada Plant achieved a number of new records including highest
 production ever.
 
 The Plant Protection business also performed well during the year
 recording higher sale of technicals and significant volume increase in
 branded formulations especially through Mana Gromor retail outlets.
 There has been a significant improvement in the operations of the
 Ankleshwar Unit with the commissioning of new facilities for
 manufacturing technicals and robust environment management system. With
 the centralisation of technical grade facilities at Ankleshwar, Navi
 Mumbai operations have been stopped.  Management is taking initiative
 for alternate use of the existing facilities. The Jammu formulation
 units including the newly acquired unit of Pasura Bio-Tech Private
 Limited have performed well during the year.
 
 The Speciality Nutrients business consisting of Water Soluble
 Fertilisers (WSF), Secondary and Micro Nutrients and Municipal Compost,
 achieved profitable growth over the previous year and established new
 sales records.
 
 The rural retail business which was started in 2007 has now 443 centres
 operating across Andhra Pradesh and Karnataka catering to the
 requirements of the farming community - both agri and some of the
 non-agri products including life style products. During the year, the
 Company has launched a pilot farm mechanization project to provide
 services to the farmers.
 
 Sub-division of Equity Shares
 
 During the year under review, the Members had approved the sub-
 division of the equity shares of the Company from Rs 2/- each into Re.
 1/- each through a Special Resolution passed by way of Postal Ballot.
 Your Company has completed the process of crediting the split shares in
 electronic mode and also dispatched the new share certificates to the
 respective Members.
 
 Acquisition and Amalgamation of Pasura Bio-Tech Private Limited
 
 During the year under review, your Company acquired 100% equity capital
 of Pasura Bio-Tech Private Limited, which has a Pesticides formulations
 manufacturing facility in Jammu (adjacent to Companys existing unit in
 Jammu) and completed the process of its Amalgamation into the Company
 through a Scheme approved by the Honble High Court of Andhra Pradesh.
 With this acquisition, your Company is in a stronger position to cater
 to the pesticides formulation needs of the markets in the northern
 parts of the country.
 
 Subsidiary Companies
 
 CFL Mauritius Limited
 
 The Company (a 100% subsidiary) earned a total income of US $ 0.14
 million (equivalent to Rs.0.62 crore) and net loss of US $ 0.026
 million (equivalent to Rs.0.12 crore) during the year ended December
 31, 2010.
 
 Parry Chemicals Limited (PCL)
 
 The Company (a 100% subsidiary) earned a total income of Rs.0.47 crore
 for the year ended March 31, 2011 and Profit after Tax was Rs. 0.03
 crore.
 
 Coromandel Brasil Limitada
 
 The Company, a Limited Liability Partnership incurred net loss of
 Brazilian Real 0.515 million (equivalent to Rs.1.33 crore) for the year
 ended December 31, 2010.
 
 Technical Assistance Agreement with Foskor (Pty) Limited (South Africa)
 
 Your Company along with its wholly owned subsidiary Company, CFL
 Mauritius Limited continues to hold 14.0% of equity of Foskor.
 
 During the year the Company renewed the Technical Assistance Agreement
 with Foskor (Pty) Limited, South Africa, for a period of two years
 which would end on March 31, 2012. The relationship with Foskor
 continues to be mutually beneficial.
 
 Joint Venture Companies
 
 Tunisian Indian Fertilizers (TIFERT)
 
 TIFERT, a joint venture Company, was formed in Tunisia in 2008, to set
 up a phosphoric acid plant. The plant which was originally expected to
 be commissioned by the first quarter of 2011 is delayed mainly due to
 the recent political developments in Tunisia and it is now expected
 that this plant would be commissioned by the second half of 2011-12.
 Your Companys strategic investment of a sum of about US $ 29 Million
 towards 15% equity stake in TIFERT is aimed at securing uninterrupted
 supply of phosphoric acid for the Companys operations.
 
 Coromandel Getax Phosphates Pte Limited
 
 The Joint Venture Company based in Singapore continued its efforts to
 explore opportunities for rock phosphate mining/sourcing.
 
 Coromandel SQM India Private Limited
 
 The Joint Venture Company, formed to set up a WSF Plant at Kakinada,
 Andhra Pradesh, has since secured all necessary statutory approvals.
 The Plant is expected to be commissioned during the course of the year
 (2011).
 
 Safety, Health and Environment (SHE)
 
 Companys focus on Safety, Health and Environment continued during the
 year under review across all locations with all manufacturing plants
 maintaining high safety standards.
 
 Dividend
 
 Your Directors recommend a Final Dividend of Rs.3/- per equity share.
 With this the total dividend for the year would be Rs.7/- per equity
 share including an interim dividend of Rs. 4/- per equity share paid to
 the Members. The Members may recall that a Dividend of Rs.  10.00 per
 equity share of Rs.2/- each (equivalent to Rs.5/- per equity share of
 the face value of Re.1/- each) was paid last year.
 
 Consolidated Financial Results
 
 A Consolidated Financial Statement incorporating the operations of the
 Company, its Subsidiaries and Joint Venture Companies is appended.
 
 The Ministry of Corporate Affairs, has given a general exemption to
 Companies from publishing the Annual Report of its Subsidiary Companies
 wherever a Consolidated Statement has been appended.  In view of this,
 the Annual Report of the Subsidiary Companies, i.e.  Parry Chemicals
 Limited, CFL Mauritius Limited and Coromandel Brasil Limitada have not
 been annexed.
 
 However, the Accounts of the Subsidiary Companies and the related
 information will be made available to the Members of Coromandel
 International Limited and its Subsidiary Companies on request and will
 also be kept for inspection in the Registered Office.
 
 Awards/Recognition
 
 Your Company continues to receive awards/accolades from Industry
 associations. During the year the Company received the following
 awards/accolades:
 
 - Fertiliser Association of India Award for Best Operating Phosphoric
 Acid Plant received by Visak Plant
 
 - CIIs National Award for excellence in Water Management was received
 by Visak Plant
 
 - Energy Conservation Award for 2009-10 from NEDCAP, Dept.  of Energy,
 Govt. of AP was received by Visak Plant
 
 - Kakinada Plant received Commendation Certificate from CII- Exim Bank
 for Significant Achievement in Business Excellence
 
 - Significant Achievement in HR Excellence at a National level by the
 Confederation of Indian Industries (CII).
 
 - Dun & Bradstreet - Rolta Corporate Award 2009 in the Fertiliser
 sector.
 
 - VOICE - the in house magazine received the Best House Magazine Award
 from the Public Relations Society of India, New Delhi at the National
 Awards.
 
 Management Discussion & Analysis and Corporate Governance
 
 The Management Discussion and Analysis Report highlighting the
 industry structure and developments, opportunities and threats, future
 
 outlook, risks and concerns etc. is furnished separately and forms part
 of this Directors Report.
 
 As per the requirements of the Listing Agreement with Stock Exchanges,
 a report on Corporate Governance duly audited is annexed for
 information of the Members.
 
 Directors
 
 During the year under review, Mr V Ravichandran, consequent to his
 appointment as a Lead Director on the Corporate Board of Murugappa
 Group, resigned from the office of the Managing Director; however, he
 continues to serve on the Board of the Company as a Non Executive
 Director effective October 20, 2010.
 
 In accordance with Article 121 of the Companys Articles of
 Association, read with Section 255, 256 and 262 of the Companies Act,
 1956, Mr V Ravichandran, Dr B V R Mohan Reddy and Mr K Balasubramanian,
 are retiring at the ensuing Annual General Meeting.
 
 The Board of Directors appointed Mr Kapil Mehan as an Additional
 Director and Managing Director effective October 19, 2010. The Company
 has received notice from a Member proposing his nomination for
 Directorship.
 
 Auditors
 
 M/s Price Waterhouse, Chartered Accountants, Auditors of the Company,
 are retiring and have informed that they do not wish to seek
 re-election as Auditors at the ensuing Annual General Meeting.
 
 The Board records its sincere appreciation of the long association your
 Company had with M/s Price Waterhouse.
 
 A Special Notice has been received from a Member proposing the
 appointment of M/s Deloitte Haskins & Sells, Chartered Accountants, as
 Auditors.
 
 Disclosures
 
 Additional information on conservation of energy, technology absorption
 and foreign exchange earnings/outgo, as required to be disclosed in
 terms of Section 217(1)(e) of the Companies Act, 1956, read with the
 Companies (Disclosure of Particulars in the Report of Board of
 Directors) Rules, 1988, is annexed hereto and forms part of this
 Report.
 
 A statement concerning employees as required by Section 217(2A) of the
 Companies Act, 1956 is attached to this report.
 
 As required by Section 217 (2AA) of the Companies (Amendment) Act,
 2000, Directors responsibility statement is annexed hereto and forms
 part of this report.
 
 The disclosures as required under Clause 12 of SEBI (Employee Stock
 Option Scheme and Employee Stock Purchase Scheme) Guidelines 1999 are
 annexed to this report for information of the Members.
 
 Acknowledgement
 
 The Directors acknowledge and would like to place on record the
 commitment and dedication on the part of the employees of your Company
 in achieving good results, all round.
 
 The Directors also wish to acknowledge and record their appreciation of
 the continued support and assistance received by the Company from State
 Bank of India and other Banks, financial institutions, mutual funds, as
 well as from various Government bodies both at the Centre and the
 State.
 
                                                 On behalf of the Board
 
 Place : Secunderabad                                        A Vellayan
 
 Date   : April 21, 2011                                       Chairman