GSFC- Net Profit increased by 31% from 109 Crores to Rs.142 Crores.

GSFC - Net Profit increased by 31% from 109 Crores to Rs.142 Crores.

Vadodara, Gujarat, August 1, 2011 /India PRwire/ -- It is heartening to report that during 1st quarter ended on June' 2011, Gujarat State Fertilizers & Chemicals Ltd. has achieved ever highest Profit before Tax (PBT) and Net Profit (Profit After Tax) during the 1st quarter of any Financial Year.

Shri Atanu Chakraborty, IAS, Managing Director of the Company after the Board of Directors meeting held on 28th July, 2011, at Gandhinagar for approving the financial results for the quarter ended on June-2011 disclosed the following highlights of the results for Q1 of 2011-12 as compared with Q1 of 2010-11.

  • EBIDTA up by 50.51% from Rs.198 Crores to Rs.298 Crores.
  • EBIDTA margin improved from 18.58 % to 24.65 %.
  • PBT higher by 30% from Rs.160 Crores to Rs.208 Crores.
  • Net Profit increased by 31% from 109 Crores to Rs.142 Crores.

During the quarter under review, there were constraint in availability of Imported Phosphoric Acid at Sikka Unit, which affected production and availability of DAP. Inspite of this, the Net Sales of the Company was increased by 13% from Rs.1067 crores in Q1'2010-11 to Rs.1208 crores in Q1'2011-12. The Company achieved higher sales turnover because of better price realization in both Fertilizers and Industrial Products segments.

The un-annualized earning per share of the Company was Rs.17.83 in Q1'2011-12 as compared to Rs. 13.63 in Q1'2010-11. The book value per share stood at Rs.373 as at June 30, 2011 as compared to Rs.282 as at June 30, 2010.

The Joint Venture Project in Tunisia is likely to be commissioned in second half and Methanol project is likely to be commissioned in fourth quarter of 2011-12. The Company has also taken up modernization of Cyclohexanone unit which will help in reducing the consumption of raw material Benzene. The Company has also planned capacity addition of 15000 MTPA in Nylon-6 capacity at Baroda unit, for which technology tie up is in progress. The Company has identified various CDM Projects and the same are registered / in advance stage of registration for availing carbon credit. The Company has also ambitious plan for setting up larger capacity plants at Dahej replicating existing Baroda Unit for which land acquisition and technology search activities are progressing well.

GSFC's priorities for Health & Safety Environment has earned laurels by way of "Gujarat State Safety Award 2009" in the form of Certificate of Honour for continuous 3 million accident free working man-hours from Gujarat Safety Council and Director of Industrial Safety and Health, Gujarat State. The company has also obtained BS 16001:2009 Energy Management System Certification in July10. This will help in improving energy performance and efficiency and reduce energy cost.

The Company will continue its progressive march towards further success through Quality, Customer care, Environment friendly approach and responsible corporate governance.