NFCL net profit up 77% at Rs 117 cr for FY11

Nagarjuna Fertilisers and Chemicals Ltd (NFCL) today said that its net profit for 2010-11 fiscal rose by almost 77% to Rs 117.35 crore.

The company had reported a net profit of Rs 66.37 crore in the year-ago period, it said in a filing to the Bombay Stock Exchange.

Similarly, NFCL's net profit for the quarter ended March 31, rose by 23.61% to Rs 28.48 crore as compared to Rs 23.04 crore in the year-ago period.

NFCL's total income last fiscal rose by 55.05 per cent to Rs 3,090.75 crore as compared to Rs 1,993.35 crore in the corresponding period of the previous year.

The company's total expenditure in the year ended March 31, rose by 57.10% to Rs 2,759.84 crore as against Rs 1,756.70 crore in the same period of the previous year.

NFCL is a diversified company headquartered in Hyderabad with interests in agrochemicals, irrigation systems, power generation and petroleum.

The company had recently announced that its shareholders have approved its plan to restructure the group companies into two entities -- one for fertilisers and chemicals, and another for its oil business.

NFCL in a filing to Bombay Stock Exchange (BSE) had said that "the members of the company have approved by requisite majority the composite scheme of arrangement and amalgamation".

Under this arrangement the oil business undertaking of NFCL would be demerged into Nagarjuna Oil Refinery Ltd (NORL) and NFCL would be merged with Ikisan Limited and Kakinada Fertilisers Ltd (KFL) to form Nagarjuna Fertilisers Ltd.

Buoyed by the results, the company scrip today closed 1.43% higher at Rs 31.85 a piece on the Bombay Stock Exchange.