Gujarat State Fertilisers down over 6% as Q1 net drops

Shares of Gujarat State Fertilisers and Chemicals (GSFC) today slumped over 6 per cent after the company posted 54 per cent fall in standalone net profit for the first quarter of this fiscal.

The scrip tanked 5.91 per cent to Rs 69.20 on BSE.

On NSE, it plunged 6.17 per cent to Rs 69.15.

State-run GSFC yesterday 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 from Rs 1,137.27 crore in the year-ago period, the company had said in a BSE filing.
 

The revenue from industrial products remained lower, while fertiliser sales were marginally up in the said period.