GNFC Posted Rs. 185 crores profit for Q1 FY 2018-19
Riding on key strength, the operational excellence of handling complex chemical manufacturing and with the constant innovations, Gujarat Narmada Valley Fertilizers & Chemicals Limited (GNFC) has posted net profit of 186 crores in the first financial quarter of 18-19.
GNFC is a leading fertilizer and Chemical company promoted by Gujarat Government. GNFC has opened the year 2018-19 on an impressive note as the comparable consolidated revenue for the first quarter grew by 51% and consolidated Profit Before Tax (PBT) for Q1 of 2018-19 marked 162% growth.
The Board of Directors of GNFC in their meeting held at Gandhinagar on 9th August 2018 has approved the financial results for the first quarter ended on 30th June, 2018 and yet another strong set of results. GNFC is now cash positive company.
Elaborating on the results, M S Dagur, IAS Managing Director GNFC mentioned that the finance cost has been reduced by 89% Q-o-Q and the growth in revenue and profit are led by the- round performance of all the plants and products.
GNFC’s TDI II plant is now operational at its full capacity. GNFC’s ambitious Neem Project has once again turned out to be a huge success this year. Till date, more than 16,000 MT of neem seeds have been collected from across the country with major beneficiaries being rural women and people from backward communities.
The Result Highlights are:-
- PBT: 274 crores (162% higher than the Rs. 105 crores during the corresponding Q1 of the previous year.)
- PAT: 186 crores (179% higher than the Rs. 67 crores during the corresponding Q1 of the previous year.)
- Turnover: 1,638 crores (51% higher than the Rs. 1,088 crores during the corresponding Q1 of the previous year.)
- EPS: Rs 11.94 (179% higher than the Rs. 4.28 during the corresponding Q1 of the previous year.)
- Exports: 176 crores (59% higher than the Rs. 111 crores during the corresponding Q1 of the previous year.)
- Finance cost reduced by 89% compared to the finance cost during Q1 2017-18.