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Gujarat State Fertilizers and Chemicals Ltd (GSFC) on Wednesday said its net profit increased by 1.2 per cent and turnover by 11.5 per cent in the financial year 2011-12, ended March 31, 2012, compared to the corresponding period last fiscal.
While the turnover was Rs 5,302 crore (Rs 4,755 crore), the net profit stood at Rs 758 crore (Rs 749 crore), Mr B. M. Bhorania, Executive Director (Finance), told reporters here.
The Board of Directors has recommended a dividend at the rate of 75 per cent on its equity shares.
On Wednesday, GSFC's share price at the BSE closed 0.58 per cent up at Rs 424.
He said the company achieved these results despite a 24 per cent shortfall in the availability of phosphoric acid for the manufacture of di-ammonium phosphate (DAP) at the Sikka plant in Jamnagar, which substantially contributed to earnings and profits. The supply of phosphoric acid was only 60 per cent of the requirement. The net profit was achieved after absorbing the long-term wage settlement expenditure of Rs 130 crore (including Rs 94 crore towards past service liability).
GSFC also liquidated 70,000 metric tonnes of DAP stocks during the year, he added.
At present, the company is investing nearly Rs 800 crore on its various ongoing projects and is planning to acquire about 500 hectares of land at a cost of Rs 400 crore at Dahej in Gujarat for its future projects.
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