Fertilisers maker Coromandel International today said its consolidated net profit declined by almost 20 per cent to Rs 282.38 crore for the quarter ended September 30,2011. The company's net profit in the year-ago period stood at Rs 352.17 crore,it said in a filing to the BSE. To mark the company's golden jubilee,the leading farm inputs provider would issue bonus debentures to its shareholders and these debentures would be considered as a "deemed dividend" under the Income Tax Act. "The issue and allotment of the bonus debentures along with the dividend distribution tax will account for approximately Rs 495 crore from the reserves," the company's filing said. The company would issue one fully paid debenture of Rs 15 for every equity share of Re 1 held in the company. Coromandel's total consolidated income rose marginally by Rs 2,816.63 crore in the second quarter of the current fiscal compared to Rs 2,796.31 crore in the same quarter of the last fiscal. The company,which manufactures and retails fertilisers and crop protection solutions,also announced plans to set up a SSP plant in Punjab,but did not reveal the investments required for this purpose. ".set up a greenfield 800 tonnes per day (TPD) Single Super Phospahte (SSP) plant including 400 TPD granulator plant in the state of Punjab," it said. The company's shares today closed at Rs 309.75,down by 1.95 per cent from its previous close at BSE.
