Date:10/10/2004 URL: http://www.thehindubusinessline.com/2004/10/10/stories/2004101001410200.htm

Back Nagarjuna Fert to merge its arm

Our Bureau

HYDERABAD: The board of directors of Nagarjuna Fertiliser & Chemicals Ltd (NFCL), which met here on Saturday, has decided to merge Nagarjuna Palma India Ltd with the company.

Nagarjuna Palma, an unlisted and a subsidiary company of NFCL, is engaged in the business of micro irrigation systems.

The board has also approved the un-audited financial results of the company for the quarter ended September 30, 2004. Turnover and net profit during the quarter under consideration stood at Rs 429.57 crore and Rs 1.97 crore, respectively. In the corresponding period last fiscal, the company had incurred a net loss of Rs 13.33 crore on a turnover of Rs 414.25 crore.

During the first half of the current fiscal, NFCL had posted a turnover of Rs 605.46 crore and a net profit of Rs 7.72 crore as against a turnover of Rs 550. 23 crore and a net loss of Rs 6.95 crore registered during the first half of last fiscal.