GSFC reports three-fold jump in profit to Rs 224.25 crore

Net sales rose sharply to Rs 2,671.87 crore during the reported quarter from Rs 1,540.29 crore in the year-ago period, as per a BSE filing.

Gujarat State Fertilisers and Chemicals (GSFC) Friday posted almost a three-fold jump in standalone net profit to Rs 224.25 crore for the September quarter 2018-19, on strong sales. The state-run company had clocked a net profit of Rs 79.23 crore in the same quarter of the previous financial year.

Net sales rose sharply to Rs 2,671.87 crore during the reported quarter from Rs 1,540.29 crore in the year-ago period, as per a BSE filing. Expenses also remained higher at Rs 2,404.41 crore as against Rs 1,481.96 crore in the said period.

"The company has shown a huge improvement in fertiliser sales volume on improved market reach and leveraging its marketing network," GSFC Managing Director Sujit Gulati said.

With a focus on selling more NPK fertilisers, the company is targeting niche market fetching higher margins. It is also gearing up for selling more sulphur-based fertilisers because there is a deficiency of this soil nutrient in most parts of the country, he said.

New products like sulphur WDG, magnesium sulphate, bentonite sulphur and city compost were introduced in the product basket during the quarter, he added.

GSFC -- set up in 1962 in Vadodara, Gujarat -- is a leading producer of fertilisers and bulk industrial chemicals in the country.