Gujarat State Fertilizer's Q4 profit after tax declines 37% to Rs 62 cr

Gujarat State Fertilizer and Chemicals (GSFC) on Thursday posted a 36.82 per cent decline in consolidated profit after tax for the March quarter at Rs 61.85 crore.

The company's PAT for the corresponding period of the previous fiscal stood at Rs 97.91 crore, it said in a BSE filing.

Total income for the quarter under review dropped 6.46 per cent to Rs 1,874.49 crore from Rs 2,004.05 crore earlier.

For the full fiscal 2019-20, the company's PAT declined by 77.76 per cent to Rs 109.65 crore as compared to Rs 493.13 crore in FY19.

Total income fell 8.06 per cent to Rs 7,904.49 crore from Rs 8,598.20 crore in 2018-19.

Meanwhile, the company informed the exchange that its board has decided to discontinue manufacturing operations of its fibre unit in Surat, Gujarat.

"The company is planning to set up a new project at its polymers unit For its Fibre Unit, the company is evaluating various options to utilise existing land and infrastructure facilities available there, including development of a logistic park or suitable project for which a consultant is being appointed," it said.

Shares of the company closed at Rs 55.45 apiece on Thursday, up 1.28 per cent.