MADRAS FERTILIZERS LIMITED
	(A Govt. of India Undertaking)
	Regd. Office : Manali, Chennai 600 068
	AUDITED FINANCIAL RESULTS  FOR THE YEAR ENDED MARCH 31, 2006
								(Rs. in lacs)
				9 Months	Quarter	Corresponding	Current	Previous
				ended	ended	quarter ended	Accounting	Accounting
				31-Dec-05	31-Mar-06	31-Mar-05	Year Ending	Year ending
						in the	31-Mar-06	31-Mar-05
						previous year
					(3 months)	(3 months)	(12 months)	(12 months)
				(Unaudited)	(Unaudited)	(Unaudited)	(Audited)	(Audited)
				(1)	(2)	(3)	(4)	(5)
	1	Net Sales/Income from Operations		78711	29711	32507	108422	128622
	2	Other Income		228	349	843	577	1070
	3	Total Expenditure
		a.	(Increase)/Decrease in Stock in Trade	591	772	984	1363	1946
		b.	Consumption of raw material	44188	20597	16869	64785	77579
		c.	Staff Cost	3091	1173	1308	4264	4557
		d.	Power, Water & Fuel	22132	6828	6698	28960	26392
		e.	Other Expenditure	8819	3063	4145	11882	15304
	4	Interest		5205	1572	1706	6777	6859
	5	Depreciation		3316	1089	1017	4405	4359
	6	Profit/(Loss) before tax (1+2-3-4-5)		(8403)	(5034)	623	(13437)	(7304)
	7	Write-off
		-	GOI - Interest
		-	ICICI Bank Ltd. - Principal			1465		1465
		-	Excess Provision written-back		376		376
	8	Provision for taxation - Fringe Benefit Tax			113		113
	9	Net Profit/(Loss) (6-7-8)		(8403)	(4771)	2088	(13174)	(5839)
	10	Paid-up equity share capital		16110	16110	16110	16110	16110
		(Face value Rs 10 per share)
	11	Reserves excluding revaluation reserves		1239	1239	1239	1239	1239
	12	EPS for the period, for the year to date		(5.22)	(2.96)	1.30	(8.18)	(3.62)
		and for the previous year (Rs.) - Basic & Diluted
	13	Aggregate of non-promoter shareholding
		-	Number of Shares	23733100	23733100	23733100	23733100	23733100
		-	Percentage of Shareholding	14.73	14.73	14.73	14.73	14.73
	Note:
	1	Ammonia and Urea Plants were shutdown for catalysts change and other jobs in Ammonia Plant from 20.12.2005 and continued upto 03.02.2006 during the Quarter ended March 31, 2006.
	2	NPK Plants were shutdown for 53 days and 230 days during the quarter and period ended March 31, 2006 respectively on account of raw material (Phos Acid) limitation.
	3	Fertilizer manufacturing being the only main segment and trading operations being less than 10% of the total revenue, there is no reportable segment in MFL as per AS 17 (Segment Reporting)
	4	In view of the loss incurred by the Company during the period provision for current tax is not considered necessary.  Also, as a prudent policy no deferred tax asset has been recognised per AS 22 (Accounting for Taxes on Income)
	5	Details of Investors complaints and services during the quarter:  Pending at the beginning of the Quarter: 2,  Received:  42,  Disposed Off: 44 and Pending at the end of the Quarter: Nil.
	6	With regard to Auditor's opinion that the Company is not a `GOING CONCERN' but a `GONE CONCERN', it is stated that the Company has represented to the GOI that the policy on pricing of NPK since Apr 2002 and on Urea from Apr 2003 have adversely affected its profitability.  Consequently, the Company has been making huge losses.   The Networth has been fully eroded on 31.3.2004.   The Company has been urging the GOI to make suitable corrections in the Pricing Policies. The DOF referred the Company to BRPSE.   BRPSE recommended certain relief measures amounting to Rs.204 Cr.   The decision of the Govt of India on these recommendations is awaited.   In the current environment, the Company would be able to achieve 100% Urea production and 25% NPK production during 2006-07.   The loss for the year 2006-07 would be around Rs.90 Cr.
	7	The above results have been reviewed and recommended by the Audit Committee and approved by the Board of Directors at their meeting held on June 29, 2006.
							By order of the Board
	Place: Chennai						Sukumar N Oommen
	Date:  29.06.2006						Chairman & Managing Director