MADRAS FERTILIZERS LIMITED
	(A Govt. of India Undertaking)
	Regd. Office : Manali, Chennai 600 068
	AUDITED FINANCIAL RESULTS  FOR THE YEAR ENDED MARCH 31, 2008
								(Rs. in lacs)
				9 Months	Quarter	Corresponding	Current	Previous
				ended	ended	quarter ended	Accounting	Accounting
				31-Dec-07	31-Mar-08	31-Mar-07	Year ended	Year ended
						in the	31-Mar-08	31-Mar-07
						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		77931	36075	29512	114006	121066
	2	Other Income		312	551	423	863	685
	3	Total Income (1+2)		78243	36626	29935	114869	121751
	4	Total Expenditure
		a.	(Increase)/Decrease in Stock in Trade	(3706)	1769	(1094)	(1937)	3094
			and work-in-progress
		b.	Consumption of raw material	49089	19275	16896	68364	69619
		c.	Purchase of Traded Goods	911	822	171	1733	297
		d.	Employees Cost	3010	874	1131	3884	4206
		e.	Power, Water & Fuel	24962	10299	7398	35261	33745
		f.	Depreciation	3284	1000	1071	4284	4336
		g.	Other Expenditure	6336	2507	2540	8843	9832
		h.	Total	83886	36546	28113	120432	125129
	5	Interest		6455	1455	1661	7910	8087
	6	Exceptional items
	7	Profit (+)/Loss (-) from		(12098)	(1375)	161	(13473)	(11465)
		Ordinary Activities before tax (3) - (4+5+6)
	8	Tax Expense		10	2	(5)	12	13
	9	Net Profit (+)/Loss (-) from		(12108)	(1377)	166	(13485)	(11478)
		Ordinary Activities before tax (7-8)
	10	Extraordinary Items (net of tax expense)
	11	Net Profit (+) / Loss (-) for the		(12108)	(1377)	166	(13485)	(11478)
		period (9-10)
	12	Paid-up equity share capital		16110	16110	16110	16110	16110
		(Face value Rs 10 per share)
	13	Reserves excluding Revaluation		1239	1239	1239	1239	1239
		Reserves as per balance sheet of
		previous accounting year
	14	Earnings Per Share (EPS)
		a) Basic and diluted EPS before Extraordinary items		(7.52)	(0.85)	0.10	(8.37)	(7.12)
			for the period, for the year to date and for the
			previous year (not to be annualized)
		b)	Basic & diluted EPS after Extraordinary items	(7.52)	(0.85)	0.10	(8.37)	(7.12)
			for the period, for the year to date and for the
			previous year (not to be annualized)
	15	Aggregate of Public 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 till 03.05.2007 for statutory inspection of Boilers and Annual Turnaround 2007.
	2	NPK Plants were shutdown for 91 days and 347 days during the quarter and period ended March 31, 2008 respectively on account of raw material 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 : Nil,  Received:23,  Disposed Off:23 and Pending at the end of the Quarter : Nil
	6	With regard to Auditor's opinion that the Company’s accounts should NOT have been complied on 'GONE CONCERN' basis, it is stated that the Company has represented to the GOI that the policy on pricing of NPK since Apr 2002 and of Urea from Apr 2003 have adversely affected its profitability. Consequently, the Company has been making huge losses.  The networth has been fully eroded on 31.03.2004.  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 for revival of the Company. Meanwhile, M/s Deloitte Touche Tohmatsu India (P) Ltd have been engaged as Consultant to assist in preparing the revival plan. Based on their recommendations a Financial Restructuring package aimed at making the operations of the Company commercially viable will be submitted for the consideration of Government.
	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 25, 2008.
						By Order of the Board
	Place:  New Delhi						G S Mangat
	Date :  25-06-08					Chairman & Managing Director