GNFC Q3 net down marginally

Even as the fertilizers and chemicals major Gujarat Narmada Valley Fertilizers Co. Ltd. (GNFC) schedules to mechanically complete a 50,000 MTPA Toluene Di-Isocyanate (TDI) project at Dahej, the company posted a dip in its net profit by 2.4 per cent at Rs 86.19 crore for the third quarter ended December 31, 2011.

Against this, the company had registered a net profit of Rs 88.35 in the corresponding period of previous fiscal 2010-11. The company's TDI project carries a capital outlay of Rs 1,996 crore. However, GNFC's sales turnover went up by two per cent from Rs 833.89 crore for corresponding third quarter of previous fiscal 2010-11 to Rs 1,042.88 crore in the current financial year 2011-12.

The company's new projects with total capacity outlay of Rs 3,975 crore are at various stages of implementation. A 150 MTPD concentrated nitric acid - III plant is commissioned on May 2, 2011 and 300 MTPD weak nitric acid-II plant is mechanically completed and is re-commissioned on July 23, 2011. Further, a 33 Mw co-generation power and steam unit: Gas Turbine Generator was commissioned on January 7, 2012 and heat recovery steam generation is expected to be completed by mid-February, 2012.