GNFC announces highest-ever Q3 and nine-monthly net

Mumbai: Fertilisers and chemicals major Gujarat Narmada Valley Fertilisers Co Ltd (GNFC) has posted its highest ever results for the third quarter as well as nine months ended December 31, 2004. Its nine-month net profit (PAT) of Rs130.61 crore is 59 per cent higher than the corresponding nine-month period of the previous year — in fact, it has surpassed the previous year''s entire PAT.

Highlights

• Q3 PBT (Rs86.96 crore) is 266 per cent higher than Q304
• Q3 PAT (Rs56.02 crore) is 219 per cent higher than Q304
• Nine monthly PBT (Rs206.28 crore) is 64 per cent higher than nine monthly PBT of FY04
• Nine monthly PAT (Rs130.61 crore) is 59 per cent higher than nine-monthly PAT of FY04
• Nine-monthly PBT is higher than full year PBT of FY04 by 11.6 per cent, PAT by 11.7 per cent
• Nine monthly sales were 16 per cent higher over the previous period
• Other income for nine months (Rs35.66 crore) was 8 per cent higher
• Interest cost for nine months (Rs12.32 crore) is 54 per cent lower than previous period (FY04 full year interest cost was Rs33.50 crore)
• Nine monthly EPS (Rs8.92) is higher than previous period (Rs5.60; FY04 annual EPS was Rs7.98)

A K Luke, managing director, GNFC, said that the 30 per cent dividend declared in FY04 and the half-yearly results for FY05 have been the highest in the history of the company. This is noteworthy in view of the damage to property and interruptions in business owing to an accident, affecting a portion of the GNFC plants in October 2003. Reconstruction was completed and the plants were commissioned in FY04 itself, under a very tight and demanding time schedule. The financial results declared so far have absorbed almost all major costs and impacts relating to this damage and disruption, pending final settlement of insurance claim, which is at an advanced stage. The insurance company has so far disbursed Rs36.51 crore.

P K Laheri, chairman, GNFC said that the company has already planned capital outlays of Rs1,700 crore for revamp of the existing plants as well as for expanding capacity, which will boost the turnover and earnings of the company in due course.