UNAUDITED FINANCIAL RESULTS (PROVISIONAL) FOR THE QUARTER ENDED
DECEMBER 31, 2003
							(Rs. in lacs)
			Quarter ended	Corresponding	Year-to-date	Year-to-date	Previous
			31/12/03	quarter ended	figures for the	figures for the	Accounting Year
				31/12/02 in the	Current Period	Previous Year
				previous year	(1/4/03 to	(1/4/02 to	(1/5/02 to
					31/12/03)	31/12/02)	31/3/03)
			(3 months)	(3 months)	(9 months)	(9 months)	(11 months)
			(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)	(Audited)
			1	2	3	4	5
1	Net Sales/Income from Operations		34168	26041	82311	76780	113906
2	Other Income		42	134	637	245	986
3	Total Expenditure
	a.	(Increase)/Decrease in Stock in Trade	5670	4231	5858	(8099)	4161
	b.	Consumption of raw material	14900	10791	44936	45263	51992
	c.	Staff Cost	1206	1336	3692	3926	4776
	d.	Power, Water & Fuel	6002	5397	16008	17259	21853
	e.	Other Expenditure	4267	3452	11914	10660	18738
4	Interest		1939	2485	6755	8567	11284
5	Depreciation		1140	1124	3320	3373	3920
6	Profit/(Loss) before tax (1+2-3-4-5)		(914)	(2641)	(9535)	(3924)	(1832)
7	Write-off of Interest
	-	GOI	--	--	7064	--	--
	-	NFL		2132		2132	2244
8	Provision for taxation		--	--	--	--	--
9	Net Profit/(Loss) (6-7-8)		(914)	(509)	(2471)	(1792)	412
10	Paid-up equity share capital		16110	16110	16110	16110	16110
	(Face value Rs 10 per share)
11	Reserves excluding revaluation reserves		1339	1339	1339	1339	1339
	(as per balance sheet) of previous
	accounting year
12	EPS for the period, for the year to date		(0.57)	(0.32)	(1.53)	(1.11)	0.26
	and for the previous year (Rs.)
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	Production of Complex Fertilizers had to be restricted to low load during Oct & Nov '03 and shutdown in Dec '03 due to non-availability of Phos. Acid.
2	Approval of interest waiver from GOI amounting to Rs 70.64 Cr upto 31/3/2003 received subsequently and hence credit was reckoned during quarter ended 30/6/2003.
3	Other Income includes an amount of Rs 4.76 Cr towards Temperature Variance Allowance on Furnace Oil from IOC for earlier period accounted during quarter ended 30/6/2003.
4	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.
5	The benefits of CDR package amounting to Rs.15.74 cr upto 31/12/03, proposed to be approved and implemented shortly by Financial institutions has been reckoned for the period ending 31/12/2003 .
6	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.
7	During the quarter 129 investors compalints, enquiries and requests were received out of which 126 alongwith balance 21 from previous quarter were attended.  The balance 3 were subsequently resolved.
8	The unaudited results are subject to Limited Review by Statutory Auditor.
9	Auditors observation on the accounts 2002-03 and Management clarification thereon stand.
10	The above results were approved by the Board of Directors at their meeting held on January 21, 2004
					BY ORDER OF THE BOARD OF DIRECTORS
Place :		Chennai				SUKUMAR N. OOMMEN
Date  :		January 21, 2004				CHAIRMAN & MANAGING DIRECTOR