BANGALORE, India, October 29 /PRNewswire-FirstCall/ -- Karuturi Global Limited's , (NSE Scrip code: KGL) Board at their meeting held today has approved the financial results of the company for the quarter and half year ended 30.09.2009.
Financial Highlights :
1. Revenues for the 3 months ended 30.09.2009 has clocked Rs.126.33 Crores as compared to Rs.101.27 crores for the corresponding period of last year with a growth rate of 24.7%.
2. Net profit of the company has shown a growth of 25% with Rs.36.45 crores as compared to Rs.29.16 crores for the corresponding quarter of last year.
3. E.P.S is up by 30.8%.
Mr.Karuturi Sai Ramakrishna, Managing Director of the company has said that 'the result manifests the steady growth of the company with a view to achieve a wider growth once the investment and efforts put in by the company in Agriculture yield results'. He is also confident of transforming Ethiopia into a floriculture hub of the world once the company's ambitious expansion plans are materialized.
Karuturi Global Ltd has also received a prestigious 'Business Excellence award' from CCA, Corporate Council on Africa for its agricultural initiatives in Africa. Mr.Karuturi Sai Ramakrishna , Managing Director of the company received this award at a ceremony held in Washington D.C.USA on 1st October 2009 .
About Karuturi Global Limited:
Karuturi Global Limited has ventured into the African Continent by acquiring 7,65,000 acres of agricultural land for the cultivation of Maize, Paddy, Sugar Cane, Palm oil and Vegetables . Karuturi Global is also the worlds largest producer of roses , with 239 hectares under green house cultivation in Ethiopia, Kenya and India. This acquisition of land makes the Company as one of the largest private land bank owners in the world. Today Karuturi has 10000+ employees working across 3 continents which continues to grow rapidly. Karuturi's preparedness, vision and strategy in foreseeing the severe food demand that the world faces in the coming years with steady depletion of food grain stocks in the world markets has prompted the company into entering the agribusiness in Africa. The company has clocked revenues of Rs.4536 Million and PAT of Rs.1173 Million with an EPS of Rs.3.24 for the year ended 31.03.2009.
KARUTURI GLOBAL LIMITED
Regd Office: 204, Embassy Centre, Crescent Road, Bangalore 560001
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED
30.9.2009
(All figures Rupees in Lakhs except EPS)
CONSOLIDATED RESULTS
3 months ended 3 months ended
Particulars 30.9.2009 30.9.2008
Unaudited
Net Sales/Income from operations 12,633.65 10,127.47
TOTAL INCOME 12,633.65 10,127.47
EXPENDITURE
Consumption of materials
& other items 3,733.12 2,547.28
Employee Costs 1,264.45 1,096.18
Depreciation 736.56 315.60
Other Expenditure 3,015.32 3,042.03
Total 8,749.45 7,001.09
Profit from operations
before other income, interest &
exceptional items 3,884.20 3,126.38
Other Income 99.55 81.29
Profit before interest &
exceptional items 3,983.75 3,207.67
Interest & Financial Charges 164.40 284.12
Profit/(Loss) after interest
but before exceptional items 3,819.35 2,923.55
Exceptional items - -
Net Profit from ordinary
activities before tax 3,819.35 2,923.55
Tax expense 15.00 6.60
Net Profit /(Loss) from
ordinary activities after tax 3,804.35 2,916.95
Extraordinary item (net of tax expense) 159.00 -
Net Profit for the period 3,645.35 2,916.95
Paid up Capital (Face value of
Re.1/- each) 4,565.97 3,309.75
Reserves excluding revaluation
reserve as per audited
balance sheet
EARNING PER SHARE (Not Annualised)
(Before extraordinary items)
Basic 0.83 0.88
Diluted 0.68 0.52
EARNING PER SHARE (Not Annualised)
(After extraordinary items)
Basic 0.80 0.88
Diluted 0.65 0.52
(All figures Rupees in Lakhs except EPS)
CONSOLIDATED RESULTS
6 months 6 months Year
Particulars ended ended ended
30.9.2009 30.9.2008 31.3.2009
Unaudited Audited
Net Sales/Income from operations 24,494.19 20,916.29 44,584.48
TOTAL INCOME 24,494.19 20,916.29 44,584.48
EXPENDITURE
Consumption of materials
& other items 7,231.04 4,772.33 14,240.80
Employee Costs 2,486.46 2,255.79 4,972.70
Depreciation 1,390.08 631.76 1,541.73
Other Expenditure 5,877.83 6,833.52 10,810.10
Total 16,985.41 14,493.40 31,565.33
Profit from operations
before other income, interest &
exceptional items 7,508.78 6,422.89 13,019.15
Other Income 210.97 105.35 781.60
Profit before interest &
exceptional items 7,719.75 6,528.24 13,800.74
Interest & Financial Charges 275.34 423.44 2,082.09
Profit/(Loss) after interest
but before exceptional items 7,444.41 6,104.80 11,718.65
Exceptional items - -
Net Profit from ordinary
activities before tax 7,444.41 6,104.80 11,718.65
Tax expense 30.00 18.59 81.11
Net Profit /(Loss) from
ordinary activities after tax 7,414.41 6,086.21 11,637.55
Extraordinary item (net of
tax expense) (24.67) - (95.94)
Net Profit for the period 7,439.08 6,086.21 11,733.48
Paid up Capital (Face value
of Re.1/- each) 4,565.97 3,309.75 4,529.09
Reserves excluding revaluation
reserve as per audited
balance sheet 49,791.40
EARNING PER SHARE (Not Annualised)
(Before extraordinary items)
Basic 1.62 1.84 2.55
Diluted 1.33 1.09 2.08
EARNING PER SHARE (Not Annualised)
(After extraordinary items)
Basic 1.63 1.84 2.57
Diluted 1.33 1.09 2.10
KARUTURI GLOBAL LIMITED
Regd Office: 204, Embassy Centre, Crescent Road, Bangalore 560001
DETAILS OF PUBLIC AND PROMOTER SHARE HOLDING
30.9.2009 30.9.2008
Public Shareholding
Number of Shares 348,607,568 229,828,190
Percentage of shareholding 76.34% 69.43%
Promoter and promoter group
shareholding 107,989,007 101,146,810
(a) Pledged/Encumbered
Number of Shares * 84,472,370 -
Percentage of shares
(as a % of total
shareholding of promoter
and promoer group) 78.22% -
Percentage of shares
(as a % of total
sharecapital of the company) 18.50% -
(b) Non-encumbered
Number of Shares 23,516,637 -
Percentage of shares
(as a % of total
shareholding of promoter
and promoer group) 21.78%
Percentage of shares
(as a % of total
sharecapital of the company) 5.15%
* The promoter shares pledged to YES Bank is towards secondary security for the term loan availed by the company for deployment in Ethiopia for its agri project.
Notes :
1.The above financial results have been reviewed by the Audit Committee and approved by the Board of Directors in its meeting held on 28th October 2009. Limited Review report from the Statutory Auditors will be forwarded to Stock Exchanges.
2. Company has received the prestigious 'Business Excellence Award' in Agribusiness, from CCA, (Corporate Council on Africa) for the year 2009 which was recived by Mr.Karuturi Sai Ramakrishna, Managing Director
3. Company has allotted 24.15 crores warrants at Rs.12 each on preferential basis to the strategic investors after receiving 25% of the warrant money
4. Number of Investor grievances pending at the beginning of the quarter :Nil, Received and Redressed during the quarter:4, Pending at the end of the quarter:Nil.
5. Company has transferred to its Foods, Retail and ISP operations to its wholly owned subsidiaries; hence the standalone results for the 6 months ended 2009 are not not directly comparable with standalone results of 6 months ended 2008
6. Previous period figures have been re-grouped / re-arranged wherever required.
For more information, please contract,
Y.Venu Madhava Reddy
Corporate communications
Karuturi Global Ltd
Bangalore, India
Email:venu@karuturi.com,fax:+91-80-22259782,Tel: +91-80-40809000
Karuturi Global Limited
