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GSFC declines as Q4 PAT slides 18% YoY to Rs 240 cr Back
(11:58, 26 May 2023)

Profit before tax (PBT) in Q4 FY23 was at Rs 320.71 crore, down 27.5% from Rs 442.65 crore recorded in the same period last fiscal.

Total expenses jumped 26.69% YoY to Rs 2,115.87 crore in Q4 FY23. Cost of materials consumed stood at Rs 1,446.18 crore (up 19.92% YoY), power & fuel expenses was at Rs 269.77 crore (up 6.48% YoY) and employee benefit expenses came in at Rs 169.87 crore (up 12.19% YoY) during the quarter.

The company's revenue from fertilizer products was at Rs 1789.34 crore (up 41.7% YoY) while industrial products revenue came in at Rs 620.85 crore (down 20.86% YoY) during the period under review.

In financial year ended March 2023, the company's net profit climbed 45.1% to Rs 1,293.08 crore from Rs 890.90 crore in FY22. The firm said that YoY growth in net profit was higher than increase in PBT due to switching over to new tax regime by the company during the FY23.

Net sales jumped 25.6% to Rs 11,298.03 crore in FY23, despite lower sales volumes of fertilizers and industrial Products, mainly due to higher subsidy rates of fertilizers.

During FY23, operating EBIDTA stood at Rs 1,618 crore, registering a growth of 23% YoY. Overall operating margin of the company remained steady at 14%.

The company said that it continued to be debt free and has resources to fund its already planned capex. Cash reserves in excess of Rs 1,400 crore will lend good support for capex led growth, it added.

In its outlook, GSFC said, ?Softening of prices of natural gas and imported raw materials, especially P2O5 and ammonia, will help to utilize the Sikka unit production capacity and boost profitability in the industrial products segment. The company is hopeful of maintaining the momentum on improving operating margins with its focus on value accretive capex while keeping a sharp eye on its product mix.?

Meanwhile, the company's board has recommended a dividend of Rs 10 per share for FY23. Upon approval of shareholders at the ensuing AGM, the dividend declared will be paid within 30 days of declaration.

GSFC is engaged in production of fertilizers and chemicals. GSFC is under the ownership of Ministry of Chemicals and Petro-Chemicals, Government of Gujarat. Gujarat State Invetments holds 37.84% in the company.

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