Mumbai, Apr 26: Indo Gulf Fertilisers Ltd (IGFL), an Aditya Birla group company, has posted a net profit of Rs 172.80 crore for the financial year ended March 31, 2003. The company's board recommended a dividend of Rs 2.60 per share, IGFL managing director D Bhattacharya told reporters here today.

IGFL's net sales/income from operations were at Rs 675.21 crore, he said. Bhattacharya said, "Operational efficiencies, stringent cost control and better realisation in the market place have helped the company enhance its profitability".

IGFL marketed 8.67 lakh mt of urea during the period, which had witnessed a drought in India, leading to poor agricultural and foodgrain output.

The company posted other income of Rs 25.66 crore, while its profit before interest, depreciation and tax stood at Rs 317.13 crore during FY-03, he added. Bureau Report