RCFL Q1 Profit Plunges 84% to Rs 11 Crore | Lower Subsidy Impact
Aug 12, 2024 20:03
RCFL's Q1 profit slumped 84% to Rs 11 crore due to higher finance costs and reduced government subsidies on fertilizers. Shares closed down 1.40% on the BSE.
Illustration: Dominic Xavier/Rediff.com
New Delhi, Aug 12 (PTI) State-owned Rashtriya Chemicals and Fertilizers Ltd (RCFL) on Monday posted 84 per cent fall in consolidated net profit at Rs 10.80 crore for the first quarter of 2024-25 on higher finance cost.
Net profit stood at Rs 67.79 crore in the same quarter previous year, according to a regulatory filing.
Total income increased to Rs 4,396.06 crore from Rs 4,042.95 crore in the year-ago period. Expenses rose to Rs 4,409.93 crore from Rs 4,009.02 crore.
RCFL said the government has reduced rates of Nutrient Based Subsidy (NBS) since October 1, 2023, which has adversely impacted profitability of phosphatic and potassic fertilizers.
Shares of the company on Monday settled down 1.40 per cent at Rs 200.35 apiece on the BSE.
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