GNFC Q2 net up at Rs 166 cr

Our Bureau Ahmedabad | Updated on January 09, 2018 Published on November 08, 2017

State-run fertilisers major Gujarat Narmada Valley Fertilizers & Chemicals Ltd (GNFC) on Wednesday posted the highest ever quarterly net profit for the quarter ended September 2017 at Rs 166 crore as against Rs 165 crore recorded in the corresponding quarter a year ago, the company informed in a statement.

The company's revenues increased by 3 per cent for the quarter at Rs 1,507 crore, up from Rs 1,462 crore recorded in the same quarter last year.

For the half-year period of April-September, the company's net profits increased by seven per cent to touch the highest ever level of Rs 232 crore as against Rs 216 crore in the same period last year.

Revenues for the six-month period increased by 6 per cent to Rs 2,561 crore, as against Rs 2,410 crore in the same period last year.

Dr Rajiv Kumar Gupta, Managing Director, GNFC, said: "Finance cost reduced by 49 per cent as compared to that during the second quarter of last fiscal 2016-17. During the current financial year, the company has achieved its highest ever market capitalisation of Rs 8,525 crore."

GNFC has joined the billion-dollar market cap league of companies as it crossed market capitalisation of over one billion dollars.

However, after the announcement of the financial results, the company's shares tumbled on the stock exchanges to hit the lower circuit at Rs 454.85, down by 10 per cent on the Bombay Stock Exchange (BSE) on Wednesday.

Published on November 08, 2017
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