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MUMBAI: Indo Gulf Fertilisers Ltd has reported 22.7 per cent drop in third quarter net profit at Rs 17.85 crore compared with Rs 23.10 crore in the year-ago period.

Higher cost of production due to an increase in the packaging cost and reduction in group concession rate by Rs 120 per tonne for stage II of urea pricing policy have impacted profitability.

Net sales for the third quarter stood at Rs 173.73 crore (Rs 149.98 crore). Other income also dipped to Rs 4.66 crore (Rs 7.28 crore).The company produced 2.42 lakh tonnes of urea. The availability of natural gas has been comparatively better than the previous quarter.

The overall demand for urea during the rabi season has been very good. This is because of better sowing of rabi crops, favourable weather conditions and good soil moisture content.

For the nine-month period, Indo Gulf reported a lower net profit of Rs 42.02 crore compared with Rs 63 crore in the year-ago period. Net sales moved up to Rs 506.76 crore (Rs 406.94 crore).

The Government's approval for Indo Gulf's planned increase of its urea capacity to 3,360 tonnes per day is expected shortly, the company said. —

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