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Coromandel International stops production and sale of Endosulfan

17 May 2011 Evaluate

Coromandel International has received Supreme Court’s an ad-interim order on May 13, 2011 in the matter of a Public Interest Litigation against the company.

As per the order, the production, sale and use of Endosulfan, an important product for the company, has been banned for a temporary period of eight weeks, pending receipt of an interim report from the expert committee constituted by the Government of India.

The company has suspended production and sale of Endosulfan. The turnover and profitability of this product is not significant to the company's overall turnover and profitability.

Coromandel International is engaged in manufacturing of fertilizers, plant protection chemicals and specialty nutrients. The company’s net profit for the quarter ended March 31, 2011 has decreased by 11.51% at Rs 72.62 crore as compared to Rs 82.07 crore for the quarter ended March 31, 2010.

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