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Madras Fertilizers Ltd, a Government of India undertaking, has posted a drop of 59.95% in net profit at Rs 17.17 crore for the quarter ended September 30, 2013, as against Rs 42.87 crore for the same period of previous year.
The total income from operations decreased 1.4% to Rs 659.08 crore for the quarter ended September 30, 2013, compared to Rs 668.36 crore registered during the corresponding period of last year.
The company informed that the Board for Industrial and Financial Reconstruction (BIFR) at its hearing held on September 18, 2013, directed the company and the Government of India to expedite revival of the company within a period of three months and the next hearing of the Board is posted on January 13, 2014.
It also added that the Ammonia and Urea plants were shut down for eight days and 10 days respectively during the quarter on account of primary reformer tube leak and other maintenance jobs and the complex fertiliser plants were shut down for 72 days during the quarter on account of raw material limitation.
