GSFC Q2 net dips 33% to Rs 101 cr

Company posted net profit of Rs 150 cr in the July-Sept quarter of the 2012-13 fiscal

Gujarat State Fertiliser and Chemicals Ltd (GSFC) today reported a 33 per cent drop in net profit Rs 101.34 crore for the second quarter from Rs 150.46 crore in the corresponding quarter last fiscal mainly on account of lower caprolactum-benzene spread and forex losses.

Net sales income, however, marginally increased to Rs 1418 crore during the July to September quarter from Rs 1416 crore in the corresponding quarter previous year.

“This is the highest net sales achieved during last five years corresponding period," the company said in a statement here.

The company's total expenses rose to Rs 1301.78 crore in the period under review compared to Rs 1247.25 crore in the corresponding period last year. This apart,  finance cost rose almost four times to Rs 12.33 crore from Rs 3.24 crore.     

For the first half of the fiscal the company has earned a net sales income of Rs 2436 crore down from Rs 2827 crore in the year before period and a profit after tax of Rs 107 crore, down 66 per cent from on a year-on-year basis.

GSFC has a product mix ranging from more than 24 brands of fertilisers to petrochemicals, chemicals, industrial gases, plastics, fibers and other products.

The company's joint venture manufacturing plant of phosphoric acid in Tunisia became operational during the first quarter. Shares of the company today fell by 0.18 per cent to end at Rs 54 a piece on the Bombay Stock Exchange (BSE) today.