Gnfc Clocks Rs 105 Crore Net In 2000-01

Gujarat Narmada Valley Fertilizers Company Ltd (GNFC) has declared a dividend of 27 per cent for fiscal 2000-01 on the back of an all-round performance. The company clocked a turnover of Rs. 1422.25 crore, a gross profit of Rs 268.33 crore against Rs 219.64 crore in the previous year.

Net Profit stood at Rs 105.55 crore against Rs 66.11 crore in the previous fiscal.

Chairman Pradipsinh Jadeja told shareholders at its 25th annual general meeting at Bharuch that, "During 2000-2001 as many as 86 new records have been set in production and sales. The methanol - I & II, formic acid, acetic acid, WNA, CNA - I & II and ANP plants have achieved highest ever capacity utilisation. Both the ammonia and urea plants achieved more than 100 per cent capacity utilisation for the 10th year in succession."

The chairman said that all the six major products of the industrial product division achieved highest ever turnover of Rs 512 crore during 2000-2001.

Announcing the corporate plan of the company Jadeja informed that the company has already commissioned the wet scrubbing system for both ANP and CAN plants before the scheduled time. The third gasifier train has been set up in the ammonia plant to improve the reliability of the operations. Highlighting the landmark capacity expansion of the existing acetic acid plant from 50,000 MTA to 100,000 MTA by de-bottlenecking, using technology developed by BP Chemicals of UK, the chairman said the project is scheduled to be over by end-2002. Feasibility study of switching over the operations of ammonia plant from existing LSHS/FO to LNG has already been initiated.

Speaking about the diversification of the company into the infotech sector established through GNFC Infotower at Ahmedabad, the chairman said, "Despite the US slowdown and subsequent cut in the growth of IT Sector, the company has not only been able to achieve the desired momentum through strategic partnerships, but also continues to grow and has commenced activities in Vsat services, ISP services and the Internet Gateway Services."

Informing shareholders about the onward march of its subsidiary company, Narmada Chematur Petrochemicals Ltd. (NCPL), Jadeja aid that NCPL has achieved highest ever production of TDI in the year under review and also achieved the highest ever profit of Rs. 18.43 crore bringing its accumulated losses down to Rs 2.66 crore only.