Gujarat State Fertilisers and Chemicals on Tuesday posted a sharp 89% drop in consolidated net profit to Rs 24.43 crore for the fourth quarter of 2023-24 on poor sales. Its net profit stood at Rs 224.91 crore in the same quarter in the preceding fiscal.
The total income fell 16.34% to Rs 2,017.46 crore in the January-March quarter of 2023-24 from Rs 2,411.56 crore a year earlier, according to a regulatory filing.
The company's expenses remained lower at Rs 1,993 crore in the period under review against Rs 2,105.74 crore a year ago.
The company said FY24 was a challenging year due to external headwinds in fertilisers and industrial products segments.
"FY23-24 was a challenging year for the company due to external headwinds in both fertilisers and industrial products segments," GSFCL said.
However, with a high net-worth proportion in the overall balance sheet size and long-term debt-free position, the company has a strong financial position to fund its capex plans and wither future shock, it added.
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