Mangalore Chemicals & Fertilizers Limited

Unaudited Financial Results for the Quarter and Year ended March 31, 2008


	Rs Crores

	For the Quarter Ended		For the Year Ended
	31.03.2008	31.03.2007	31.03.2008	31.03.2007
	Unaudited	Unaudited	Unaudited	Audited
Net Sales / Income from Operations	434.44	287.16	1622.95	1371.05
Other Income	3.72	0.53	8.43	3.44
Total Income (1+2)	438.16	287.69	1631.38	1374.49
Expenditure
- (Increase) / Decrease in stock-in-trade and work-in-progress	14.79	14.76	0.66	35.92
- Consumption of raw materials	228.69	148.95	854.51	762.32
- Purchase of traded goods	63.81	31.34	266.52	167.78
- Employees cost	9.62	8.01	38.89	32.68
- Depreciation	4.05	3.82	15.94	15.22
- Power and fuel	73.93	42.13	256.56	189.04
- Other expenditure	29.10	25.65	110.66	113.29
- Loss / diminution in value of GOI Bonds	13.61	-	13.61	-
Total Expenditure	437.60	274.66	1557.35	1316.25
Interest	4.26	5.11	15.82	16.27
Profit (+) / Loss (-) before tax (3) - (4+5)	(3.70)	7.92	58.21	41.97
Provision for Taxation	(3.92)	2.69	17.33	14.51
Net Profit (+) / Loss (-) for the period (6-7)	0.22	5.23	40.88	27.46
Paid-up Equity Share Capital (Face Value: Rs. 10 Per Share)	118.55	118.55	118.55	118.55
Reserves Excluding Revaluation Reserves				133.96
EPS - Basic & Diluted (not annualised) (Rs.)	0.02	0.44	3.45	2.32
Public share holding
- Number of shares	82,438,375	82,438,375	82,438,375	82,438,375
- Percentage of holding	69.56	69.56	69.56	69.56
The above financial results are stand-alone figures and do not include the results of the subsidiary - MCF International Limited. The consolidated figures for the quarter and year ended 31.03.2008 are as under:
Turnover	434.46	287.16	1622.99	1371.09
Net Profit after Tax	0.23	5.19	40.89	27.44
EPS (not annualised) (Rs.)	0.02	0.44	3.45	2.32

Notes :

1.	Loss during the quarter is mainly on account of: loss of Rs. 1.32 crores on sale of first tranche of Fertilizer Companies Government of India Special Bonds of Rs. 118 crores, and write-off of Rs.12.29 crores towards diminution in the value of second tranche of Bonds of Rs. 180.22 crores, classified under current assets and valued at cost or market value, whichever is lower. These Bonds were issued, in lieu of cash, towards subsidy/concession due to the Company by the GOI.
2.	Trading and other activities contributed Rs. 30.21 crores to Profit Before Tax, as against Rs.14.76 crores in the previous year.
3.	Pending completion of detailed pricing exercise under Stage III of the New Pricing Scheme for Urea taken up by FICC, the exact impact could not be assessed and accounted for IV quarter and for the year. However, there is unlikely to be any major impact on the profitability.
4.	The final concession rates announced for I and II quarters for DAP, 20:20:0 and MOP have been accounted and the rates for the III & IV quarters have been estimated and accounted as the final rates of concession are yet to be announced by GOI.
5.	The Company's operations predominantly relate to the fertilizer segment.
6.	During the quarter 25 investor complaints were received and redressed. There were no complaints pending at the beginning and at the end of the quarter.
7.	The above results were taken on record by the Board of Directors at its meeting on 22.04.2008. The Auditors have carried out a limited review.

On behalf of the Board of Directors

Bangalore
22.04.2008

Deepak Anand
Managing Director

Mangalore Chemicals & Fertilizers Limited

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