Gujarat State Fertilisers and Chemicals (GSFCL) saw a sharp decline in net profit for the fourth quarter of 2023-24, attributed to weak sales. The company faced challenges in both fertilizer and industrial segments.
New Delhi, May 21 (PTI) Gujarat State Fertilisers and Chemicals (GSFCL) on Tuesday posted a sharp 89 per cent drop in consolidated net profit to Rs 24.43 crore for the fourth quarter of 2023-24 on poor sales.
Its net profit stood at Rs 224.91 crore in the same quarter in the preceding fiscal.
The total income fell 16.34 per cent to Rs 2,017.46 crore in the January-March quarter of 2023-24 from Rs 2,411.56 crore a year earlier, according to a regulatory filing.
The company's expenses remained lower at Rs 1,993 crore in the period under review against Rs 2,105.74 crore a year ago.
The company said FY24 was a challenging year due to external headwinds in fertilisers and industrial products segments.
"FY23-24 was a challenging year for the company due to external headwinds in both fertilisers and industrial products segments," GSFCL said.
However, with a high net-worth proportion in the overall balance sheet size and long-term debt-free position, the company has a strong financial position to fund its capex plans and wither future shock, it added.
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