Unaudited Financial Results (Provisional)
for the quarter ended 30/06/2006

Particulars		Unaudited		Audited
		Quarter ended		Previous Year ended March 31, 2006
		June 30, 2006	June 30, 2005	Previous Year ended March 31, 2006
(1)	Net Sales/Income from operations	356.16	125.89	1,846.91
(2)	Other income	1.99	1.76	27.80
(3)	Total Expenditure
(a)	(Increase)/Decrease in stock in trade	(90.95)	(241.01)	(115.88)
(b)	Consumption of raw materials	320.69	234.48	1,287.86
(c)	Purchase of goods for resale	6.35	44.44	200.72
(d)	Staff cost	13.25	11.89	50.57
(e)	Other expenditure	72.91	57.34	274.99
	TOTAL	322.25	107.14	1,698.26
(4)	Gross Profit	35.90	20.51	176.45
(5)	Interest	7.53	5.25	2 4.01
(6)	Depreciation	8.84	8.48	37.08
(7)	Profit before tax and extraordinary item	19.53	6.78	115.36
(8)	Profit before tax	19.53	6.78	115.36
(9)	Provision for taxation
	- Current tax	8.50	4.30	44.50
	-Deferred tax	(1.54)	(7.70)	(11.77)
	Fringe benefits tax	(1.54)	(7.70)	(11.77)
	- Provision for tax no longer required,	0.20	0.30	1.12
	written back	0	0	(2.04)
(10)	Net Profit after tax (PAT)	12.37	9.88	81.51
(11)	Paid-up equity share capital (Face Value of Rs.2/- per equity share)	25.41	25.41	25.41
(12)	Reserves excluding revaluation reserve	0	0	412.58
(13)	Earnings per share - basic and diluted (Rs.) (for the quarter - not annualised )	0.97	0.78	6.57
(14)	Capital employed	1,052.78	828.40	939.41

Note:

The above financial results are drawn in accordance with the accounting policies consistently adopted by the Company.
In view of the seasonal nature of the farm inputs business, the results of the first quarter are not indicative of the overall performance of the company for the whole year.
Net Sales/Income from operations for the current quarter include Rs. 12.14 crores (quarter ended June 30, 2005: Rs 7.88 crores) relating to the previous year received on account of announcement of the final rates of concession for complex fertilisers by the Government of India. For the current quarter, pending announcement by the Government of India of final rates of concession for the complex Fertilisers, income has been recognised having regard to the existing concession scheme and according to management estimates of price concession receivable.
During the current quarter, the company has acquired 50.72% of the equity share capital of M/s. Ficom Organics Limited,

Pursuant to the adoption of Accounting Standard 15 (revised 2005) - Employee Benefits, the valuation of obligation and plan assets in respect of long term employee benefits is being carried out by the management. Adjustment in respect of employee benefits upto March 31, 2006 shall be made out of the opening revenue reserve. However, additional charge for the current period on account of employee benefits amounting to Rs.0.37 crores as estimated by the management have been provided for in the above results.
The Company is engaged in the Farm Inputs business which, in the context of the Accounting Standard-17, is considered the only business segment.
During the current quarter, 45 investor complaints were received and were resolved. There were no complaints pending, both at the beginning and at the end of the quarter.
The results were reviewed by the Audit Committee and approved by the Board of Directors at their meeting held on July 18, 2006.
The auditors of the company have carried out a Limited Review of the Unaudited Financial Results (Provisional) for the quarter ended June 30, 2006.
Figures have been regrouped wherever necessary.