State-run Gujarat Narmada Valley Fertilisers and Chemicals Ltd (GNFC) reported quick turnaround from a net loss of Rs 452 crore on standalone basis in 2014-15 to net profit of Rs 226 crore for the year 2015-16.
The company reported turnover of Rs 4,548 crore for the fiscal as against Rs 4,641 crore in the previous year.
This was in spite of sluggish market conditions in India and worldwide. The company attributed the strong performance to "all-time highest production of ammonia, urea, ANP, CNA, formic acid and TDI as also the ever highest sales records in WNA, ANP, CNA, AN(Melt) and Technical Grade Urea."
As a future expansion plan, the company has entered into a joint venture with Eco Phos, Belgium for setting up India's largest facility for the manufacture of Di-Calcium Phosphate, an animal feed, the company informed here.
Rajiv Kumar Gupta, Managing Director of the company informed that company's exports jumped to Rs 212 crore up from Rs 46 crore in 2011-12. The main contributor in the export realisation is TDI which has registered export sales of Rs 147 crore.
"The company is now focusing on the expeditious implementation of the joint venture with Eco Phos, Belgium as a downstream integration of the TDI Dahej to enhance the profitability of Dahej operations," Gupta added.
GNFC shares ended positive at Rs 95.50, up 1.6 per cent over previous close on the BSE.