Gujarat Narmada Valley Fertilizers & Chemicals (GNFC) tumbled 9.16% to Rs 612 after the company's standalone net profit slipped 16% to Rs 237 crore in Q2 FY23 from Rs 282 crore in Q2 FY22.
Operating Revenue stood at Rs 2,587 crore, historical highest which is 23% higher than previous highest ever recorded in Q2 FY22, said the company.On a standalone basis, profit before tax (PBT) fell 24.2% year on year to Rs 316 crore in the quarter ended 30 September 2022.
Operating EBITDA declined 28.3% to Rs 309 crore in Q2 FY23 as against Rs 431 crore in Q2 FY22. EBITDA margin de-grew to 12% as on 30 September 2022 as compared to 21% recorded as on 30 September 2021.
During the quarter, total expenses rose 35.6% YoY to Rs 2,356 crore. Cost of material consumed soared 36.89% to Rs 1,310 crore while power, fuel and other utilities expense jumped 67.48% to Rs 479 crore.
Fertilizer segment on year to date basis showed better performance due to commendable Government of India support for subsidy mainly on complex fertilizers front.
In its outlook, GNFC said that with ongoing smoother operations and moderation in input prices, it is hopeful of maintaining profitable performance.
GNFC is a joint sector enterprise promoted by the Government of Gujarat and the Gujarat State Fertilizers & Chemicals (GSFC). GNFC has extended its profile beyond fertilizers through a process of horizontal integration. Chemicals/petrochemicals, energy sector, electronics/ telecommunications and information technology form its corporate portfolio.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
