Fertilisers major Gujarat State Fertilizers & Chemicals Ltd (GSFC) has posted a standalone net profit of ₹171 crore for the quarter ended September 2020 as against ₹32 crore reported in the preceding quarter.
Riding on efficient cost management, reduced raw material consumption expenditure and increased sales, GSFC has registered a staggering 400 per cent rise in profits on a quarter-on-quarter basis for the second quarter of the current fiscal, the company said.
Standalone revenues from operations stood at ₹ 2,072 crore for the quarter under review, about 28 per cent higher from the ₹1,614 crore reported in the June quarter.
On a consolidated basis, the company’s net profit for the quarter stood at ₹173 crore, up from ₹ 30 crore in the June quarter. Consolidated revenues from operations stood at ₹2,111 crore as against ₹1,637 crore in the previous quarter. Notably, the company’s fertiliser sales volumes grew 10 per cent in the first half of fiscal 2020-21, compared with the year-ago period.
During the quarter, GSFC stopped purchasing finished fertilisers, except urea ( imported by the Centre) and Muriate of Potash.