Coromandel Intl hits 52-week low on disappointing Q3 Nos

Fertiliser producer Coromandel International fell more than 9 percent in early trade to touch a new 52-week low of Rs 210.05 on Friday after poor set of numbers as profits and margins took a major hit in third quarter of financial year 2012-13.

Consolidated net profit went down by 47.5 percent YoY and 71 percent QoQ to Rs 68.4 crore in the quarter while total income from operations was down 5.5 percent YoY and 9.5 percent QoQ to Rs 2,424.5 crore.

Earnings before interest, tax, depreciation and amortisation (EBITDA) slipped 48 percent YoY and 63 percent QoQ to Rs 128.4 crore in October-December quarter.

Margins were down quite sharply to 5.3 percent in December quarter from 9.6 percent in a year ago period and 12.9 percent in September quarter.

On Thursday while announcing results, Coromandel said its board of directors approved acquisition of 81.3 lakh shares (56.28 percent stake) in Liberty Phosphate that valued at Rs 241/share.

The board also approved acquisition of 100 percent stake in Liberty Urvarak a non listed company, the company added.

At 09:51 hours IST, shares dropped 7 percent to Rs 215.50 amid heavy volumes on Bombay Stock Exchange.

Trading volumes jumped 632 percent to 73,948 equity shares as against five day average of 10,104 shares.

However, Liberty Phosphate rose 3.7 percent to Rs 220.90 amid large volumes.

Also Read
Biocon Q3 net down 15% to Rs 84 crore
Suzlon up 5% on lenders approval for CDR
Here's what to expect from Maruti Suzuki Q3 earnings
Rel Power Q3: Analysts expect PAT to grow 22% to Rs 249 cr