GSFC Q1 net profit drops by 54%

State-run Gujarat State Fertilizers and Chemicals (GSFC) today posted 54 per cent fall in standalone net profit at Rs 46.30 crore for the first quarter of this fiscal.
The company's net profit stood at Rs 100.94 crore in the same quarter last year.
GSFC's net sales declined to Rs 1,082.10 crore in the April-June quarter of 2016-17 fiscal from Rs 1,137.27 crore in the year-ago period, the company said in a BSE filing.
The revenue from industrial products remained lower, while fertiliser sales were marginally up in the said period.
In March, GSFC had said it has lined up an investment of Rs 15,000 crore to expand capacity the of DAP (most widely used phosphate fertiliser), melamine (used in laminates, consumer moulded goods adhesives etc), Nylon and caprolactam (a raw material for Nylon-6) in the next two years.

GSFC is already the biggest producer of caprolactam and melamine in the country.