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

Si. No Particulars Unaudited Audited
Quarter ended Half year ended Previous Year ended March 31, 2006
September 30, 2006 September 30, 2005 September 30, 2006 September 30, 2005
(I) (II) (III) (IV) (V) (VI) (VII)
(1) Net Sales/Income from operations 731.36 702.68 1,087.52 828.57 1,846.91
(2) Other income 6.03 14.36 8.02 16.12 27.80
(3) Total Expenditure          
(a) (Increase)/Decrease in stock in trade 179.11 203.29 88.16 (37.72) (115.88)
(b) Consumption of raw materials 332.96 323.77 653.65 558.25 1,287.86
(c) Purchase of goods for resale 35.20 36.58 41.55 81.02 200.72
(d) Staff cost 16.03 12.76 29.28 24.65 50.57
(e) Other expenditure 77.42 68.99 150.33 126.33 274.99
  TOTAL 640.72 645.39 962.97 752.53 1,698.26
(4) Gross Profit 96.67 71.65 132.57 92.16 176.45
(5) Interest 6.73 5.71 14.26 10.96 24.01
(6) Depreciation 9.11 9.66 17.95 18.14 37.08
(7) Profit before tax 80.83 56.28 100.36 63.06 115.36
(8) Provision for taxation          
  - Current tax 28.66 18.20 37.16 22.50 44.50
  -Deferred tax (0.05) (0.73) (1.59) (8.43) (11.77)
  -Fringe benefits tax 0.20 0.20 0.40 0.50 1.12
  - Provision for tax no longer required, written back          
(9) Net Profit after tax (PAT) 52.02 38.61 64.39 48.49 83.55
(10) Paid-up equity share capital
(Face Value of Rs.2/- per equity share)		 25.41 25.41 25.41 25.41 25.41
(11) Reserves excluding revaluation reserve 0 0 0 0 412.58
(12) Earnings per share - basic and diluted (Rs.)
(for the quarter - not annualised )		 4.09 3.04 5.07 3.82 6.57
(13) Aggregate of non-promoter shareholding 0 0 412.58    
  -Number of shares
Percentage of shares		     29.85 29.85 29.85
(14) Capital employed     962.38 815.15 939.41

Note:

  1. The above financial results are drawn in accordance with the accounting policies consistently adopted by the Company.
  2. The results were reviewed by the Audit Committee and taken on record/ approved by the Board of Directors at their meeting held on October 17,2006.
  3. The auditors of the company have carried out a Limited Review of the Unaudited Financial Results (Provisional) for the quarter/ half year ended September 30, 2006.
  4. The Company is engaged in the Farm Inputs business which, in the context of the Accounting Standard-17,is considered the only business segment.
  5. Other income for the previous year-quarter and half year ended September 30,2005 includes Interest received on Income tax refund (net) amounting to Rs.10.52 crore ( Current half year ended September 30,2006: Rs.Nil)
  6. Pending announcement by Government of India of final rates of concession for the complex Fertilisers for the quarter, income has been recognised having regard to the existing concession scheme and according to management estimates of price concession receivable.
  7. During the quarter, the company made an initial remittance of Rs.11.93 cr (Tunisian Dollars 3.375 million) towards part of its 15% equity stake in the new joint venture company 'Tunisian Indian Fertilisers S.A', (TIFERT) formed for setting up a phosphoric acid plant in Tunisia.
  8. In respect of long term employee benefits upto March 31, 2006, the valuation of obligation and plan assets in terms of Accounting Standard 15 (Revised 2005) is being carried out by the management, and adjustment if any, will be made out of the opening revenue reserve.
  9. During the current quarter, 7 investor complaints were received and were resolved. There were no complaints pending, both at the beginning and at the end of the quarter.
  10. Figures have been regrouped wherever necessary.

Place : Secunderabad

Dated: October 17, 2006

V. Ravichandran

Managing Director

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