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GNFC posts Q4 net triples to Rs 238 cr despite small dip in income

Annual profit also triples to Rs 521 cr; firm readies to set up 200,000 tonne DCP plant

BS Reporter  |  Ahmedabad 

GNFC posts Q4 net triples to Rs 238 cr despite small dip in income

Bharuch-based leading fertiliser and chemical company, Gujarat Narmada Valley Fertilizers & Chemicals Ltd (GNFC) has posted a 227 per cent in its net profit for the fourth quarter ended March 31, 2017. As against a net profit of Rs 72.76 crore in Q4 of previous fiscal 2015-16, posted a profit of Rs 238.42 crore in Q4 of fiscal 2016-17.

The company's Q4 total income, however, dipped by 3.4 per cent to Rs 1,410.30 crore in FY17 as against Rs 1,460.25 crore in FY16. On an annual basis, saw its net profit rise by 201.88 per cent to Rs 521.30 crore in financial year 2016-17, from Rs 172.68 crore in financial year 2015-16. The annual total income of GNFC, however, grew marginally by 1.4 per cent to Rs 5,169.67 crore in FY17, from Rs 5,098.22 crore the previous year.

According to Rajiv Kumar Gupta, Managing Director, GNFC, the company had not only seen the highest-ever quarterly profit before tax of Rs 715.05 crore but also highest ever exports and term debt repayments.

In financial year 2016-17, initiated action for setting up 2,00,000 MTPA (DCP) project in a joint venture with Ecophos SA, Belgium. Going forward, the company is expected to gain further in fiscal 2017-18, if the Centre imposes on toluene di-isocyanate (TDI) which would restrict imports from China, Korea and Japan, making the largest TDI player.