Gujarat Narmada Valley Fertiliser Company (GNFC) has posted a profit after tax (PAT) of Rs 59.69 crore in the third quarter ended December 31, down from Rs 100.67 crore recorded in the same period previous year.
Sales in the period under review declined to Rs 765.90 crore from Rs 985.52 crore in the corresponding quarter of the previous fiscal, the public sector unit said.
Profit was lower because of excise duty liability on fuel for steam generation for earlier years, arising out of a Supreme Court ruling, and loss/diminution in the value of fertiliser bonds, GNFC Managing Director Guruprasad Mohapatra said today.
For the nine-month period ended December 31, PAT was down at Rs 162.10 crore from Rs 207.98 crore in the same period of the previous year.
Sales stood at Rs 2,107.85 crore as against Rs 2,391.48 crore in the first nine-months of the last fiscal, the company said.
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