GNFC Q3 net up 23% to Rs 17.57 crore

Gujarat Narmada Valley Fertilisers Company (GNFC) has posted a profit after tax of Rs 17.57 crore for the third quarter of the current fiscal, 23 per cent higher than Rs 14.33 crore recorded in the corresponding period last year.

For the nine months, the company posted a 50 per cent growth in PAT at Rs 82.09 crore. These results are after accounting for interim financial impact to the tune of Rs 22.85 crore (a net of Rs 10 crore has been received as ad hoc payment from insurance companies) after the explosion that rocked the nitrophosphate complex that houses four manufacturing facilities.

The blast has adversely impacted growth in sales revenue, which has come down to Rs 300.08 crore for the third quarter, a drop of 2.5 per cent over the previous period.

The quarterly result also reflect the additional impact of provision of Rs 3.01 crore made towards loss of on closure of GNFC's PCB business in August 2003.

The company has cut down its interest cost by 51 per cent in the third quarter and by 35 per cent over the first nine months of the year.