RCF Q1 PAT spurts 141% to Rs 19 cr

Rashtriya Chemicals & Fertilizers (RCF)'s consolidated net profit surged 140.6% to Rs 19.20 crore on 32.7% decline in net sales to Rs 1621.05 crore in Q1 June 2020 over Q1 June 2019.

Profit before tax (PBT) soared 149.9% to Rs 27.56 crore in Q1 June 2020 as against Rs 11.03 crore in Q1 June 2019. Current tax expense for the quarter jumped 56.3% to Rs 4.19 crore as against Rs 2.68 crore in Q1 June 2019. The Q1 result was declared after trading hours yesterday, 11 August 2020.

For the quarter ended 30 June 2020, operations of the company were impacted due to the nationwide lockdown, which caused disruptions in the supply chain/movement of fertilizers. This has impacted its sales and results for the quarter ended 30 June 2020.

Meanwhile, the company's board approved the issue of secured, non-convertible debentures (NCDs) in one or more series/tranches, aggregating upto to Rs 1,000 crore in the period of next 12 months through private placement basis subject to the approval of the shareholders at the ensuing annual general meeting.

Shares of RCF tumbled 5.12% to Rs 50 on BSE. RCF is a fertilizer and chemical manufacturing company. The firm manufactures urea, complex fertilizers, bio-fertilizers, micro-nutrients, water soluble fertilizers, soil conditioners and a range of industrial chemicals.

As of 30 June 2020, the Government of India held 75% stake in the company.

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