Gujarat State Fertilizers and Chemicals Ltd (GSFC) Friday reported a 50.42 per cent drop in its standalone net profit to Rs 98.94 crore during the third quarter of the current fiscal on higher expenses.
The net profit had remained higher at Rs 199.57 crore in the year-ago period due to one-time write-off of Rs 100 crore taxes, the company said in a BSE filing.
The net profit during the December 2018 quarter took a beating due to higher expenses despite strong sales.
The phosphatic fertilisers maker's overall expenses rose to Rs 1,883.40 crore during the quarter from Rs 1,422.75 crore in the corresponding period last year.
Net income increased to Rs 2,013.91 crore during October-December 2018, against Rs 1,545.72 crore in the year-ago period.
GSFC Managing Director Sujit Gulati said: "The company has shown a good improvement in fertiliser sales volume of 20 per cent during the quarter, on improved market reach and leveraging its marketing network."
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