Nagarjuna Fertilizers in the black

Nagarjuna Fertilizers and Chemicals Limited (NFCL) posted a net profit of Rs 44.17 crore for the fourth quarter ended on March 31, 2004, as compared to the net loss of Rs 144.42 crore during the corresponding quarter in the previous year.

The turnover of the quarter under consideration increased 24 per cent to Rs 264.6 crore as compared to Rs 213.23 crore for the same quarter in the previous fiscal.

"The government replaced the retention pricing scheme with a new group concession scheme which was effective from April 1, 2003. Income has been accrued on the basis of the group concession scheme, incorporating adjustments for escalation, de-escalation, profit-sharing on excess production," NFCL vice-chairman and managing director K S Raju said in a press release on Saturday.

For the financial year ended March 31, 2004, the turnover of the company recorded a growth of 19.19 per cent to Rs 1,072.62 crore as compared to Rs 899.85 crore in 2002-03.

The company has reported a net profit of Rs 17.44 crore for the financial year as compared to the net loss of Rs 127.47 crore it achieved in 2002-03.

According to a statement from the company, it was granted a debt restructuring package in 2003-04, under the CDR mechanism, with reduction of interest from April 1, 2004.

NFCL, had an interest outgo of Rs 255.74 crore in during the year compared to the Rs 266.87 crore the previous year.