The company had clocked a net profit of Rs 17.13 crore in the corresponding quarter last fiscal.
Income from operations during October-December quarter of the current financial year declined to Rs 1,105.11 crore from Rs 1,416.28 crore earlier.
During the third quarter, finance cost rose to Rs 67.15 crore from Rs 48.05 crore in the year-ago period.
Urea and ammonia plants of the company have been shut down for annual maintenance from January 26.
The board also approved the merger of subsidiaries Zuari Agri Science, Zuari Fertilisers and Chemicals Ltd and Zuari Speciality Fertilisers with the company effective from April 1, 2015.