GSFC Q1 net declines 7% to Rs 101 cr

Total income of the Vadodara-based company also decreased by 12% to Rs 1,100 cr

State-owned Gujarat State Fertilizers & Chemicals Ltd (GSFC) reported a marginal slide of seven per cent in net profit for the first quarter of 2015-16 compared to the corresponding period in last fiscal, the company informed the Bombay Stock Exchange (BSE).

The company posted a net profit of Rs 100.9 crore for the quarter-ended June 30, 2015 compared to Rs 108.23 crore it reported for the quarter-ended June 30, 2014.

Total income of the Vadodara-based company also decreased by 12 per cent from Rs 1,262.59 crore for the first quarter of FY15 to Rs 1,100.02 crore for the first quarter of FY16.

The company had recently informed BSE that it is planning to set up a petrochemical complex at Dahej with an estimated investment of Rs 8,000 crores to Rs 10,000 crores. Feasibility study/Detailed Project Report (DPR) as well as search or selection of technology suppliers is going on for the petrochemical complex.

Among projects under execution, the company is setting up 40,000 million tonnes per annum (MTPA) melamine project at its Vadodara complex, for which GSFC has signed for technology tie up and contract for supply of know-how, basic engineering and proprietary equipment with Casale, Switzerland on February 5, 2015. The project is slated to be implemented on fast-track basis and is planned to be operational in the second quarter of 2017-18.

Further, the company's 15,000 MTPA nylon 6 plant and 20,000 MTPA water soluble fertilizer plants at Vadodara Complex are also likely to go into main stream soon.