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State-run Gujarat Narmada Valley Fertilizers & Chemicals Ltd (GNFC) on Monday reported highest-ever performance for the quarter ended December 2017, with a net profit of Rs 228 crore on revenues of Rs 1,591 crore. The company posted a sharp growth in net profit of 241 per cent on year-on-year basis. Revenues grew 30 per cent during the quarter.
For the nine-month period, the company's net profit stood at Rs 461 crore, up 6 per cent, from Rs 283 reported in the same period last year on revenues of Rs 4,152 crore, up 14 per cent, against Rs 3,631 crore last year.
Rajiv Kumar Gupta, Managing Director, GNFC, commended the company's strategy to reduce the finance cost by more than 50 per cent on quarter-on-quarter basis. "With improved financial performance, long-term debt to the tune of Rs. 471 crore is prepaid apart from normal repayment of Rs 204 crore, totalling Rs 675 crore during this financial year so far. We hope to become debt-free by the end of this financial year," he said.
GNFC shares ended higher by nearly 3 per cent at Rs 508.50 on the NSE.
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