Sales and operating income rose marginally to Rs 1,648.35 crore from Rs 1,623.76 crore last year. The directors have recommended maintaining the dividend of Rs 6.5 per share on the share capital of Rs 180.70 crore. The quantum of dividend, inclusive of tax, remains unchanged from the previous year. Operating profit of the company has increased to Rs 649.33 crore from Rs 645.14 crore last year. Operating profit margins have remained at the same level of around 39 per cent. Net profit margins increased to 17.5 per cent from 15.53 per cent in the previous year.

The company, in its press release, said that the retention price of urea has not yet been finalised by the government and the results for the year under consideration have therefore been cast on the basis of the provisional price given by the government aswas done in casting the results for the previous year. Urea, a controlled fertiliser, accounts for around 47 per cent of its sales.

"These results, based on the provisional price, are expected to improve when the final retention price is notified," it added. The company said that the recent cyclone in Gujarat had no material impact on the company's operations. The share price of the company fell to Rs 128.60 per share at the Bombay Stock Exchange from Wednesday's close of Rs 131.8 per share. Total expenditure of the company increased 2.08 per cent to Rs 999.02 crore during the period. Interest charges dropped to Rs 215.3 crore from Rs 245.1 crore in the previous year. Depreciation was pegged at almost the same level at Rs 115.13 crore.

The provision for taxation was higher at Rs 43.50 crore from Rs 38 crore last year.