Gujarat Narmada Valley Fertilizers & Chemicals announced Q1FY24 results: Q1FY24 vs Q4FY23: Operating revenue of Rs 1,652 crore in Q1FY24 compared to Rs 2,271 crore in Q4FY23 Total revenue of Rs 1,740 crore in Q1FY24 compared to Rs 2,394 crore in Q4FY23 Operating EBITDA at Rs 105 crore in Q1FY24 compared to Rs 369 crore in Q4FY23 EBITDA margin of 6% in Q1FY24 compared to 16% in Q4FY23, 28% PBT of Rs 116 crore in Q1FY24 compared to Rs 417 crore in Q4FY23 PAT of Rs 85 crore compared to Rs 334 crore in Q4FY23 Q1FY24 vs Q1FY23: Operating revenue of Rs 1,652 crore in Q1FY24 compared to Rs 2,696 crore in Q1FY23 Total revenue of Rs 1,740 crore in Q1FY24 compared to Rs 2,772 crore in Q1FY23 Operating EBITDA at Rs 105 crore in Q1FY24 compared to Rs 763 crore in Q1FY23 EBITDA margin of 6% in Q1FY24 compared to 28% in Q1FY23 PBT of Rs 116 crore in Q1FY24 compared to Rs 761 crore in Q1FY23 PAT of Rs 85 crore compared to Rs 569 crore in Q1FY23 Pankaj Joshi, IAS, Managing Director, GNFC stated, "The Q1FY24 witnessed planned annual turn around due to which, both, volume as well as financial performance is not comparable. The annual turnaround, apart from volumes, normally also witnesses higher maintenance costs and unproductive costs which have affected net margins. Apart from shutdown-related impacts, the output prices have softened disproportionately than input prices which have weighed on financial results. The chemical industry, in general, has been witnessing this phenomenon, both, domestically in India as well as globally. Many companies in the industry have announced significant operating revenue as well as margin drop even when full-blown annual turnaround is not taken in the current reporting quarter citing key reasons like lower realizations, higher input costs, low demand, etc. GNFC faced less of a demand issue given the limited volumes available due to the shutdown. I am happy to inform you that, on the chemical side, in July 2023, the company commenced the operation of its brownfield CNA-IV with an annual production capacity of 50,000 MT. This should augur well for the company. On the fertilizer side, the company launched Nano Urea under the Narmada brand in June 2023." Result PDF
Gujarat Narmada Valley Fertilizers & Chemicals announced Q4FY23 & FY23 results: Q4FY23: Operating Revenue is at Rs 2,271 crore Total Revenue is at Rs 2,394 crore Operating EBITDA is at Rs 369 crore EBITDA % is at 16% PBT is at Rs 417 crore PAT is at Rs 334 crore FY23: Operating Revenue is at Rs 10,227 crore Total Revenue is at Rs 10,588 crore Operating EBITDA is at Rs 1,879 crore EBITDA % is at 18% PBT is at Rs 1,932 crore PAT is at Rs 1,464 crore Mr. Pankaj Joshi, IAS, Managing Director, GNFC stated: I am happy to inform that FY 22-23 is a landmark year where revenue from operations has crossed Rs 10,000 crores mark. With this, the company reported highest ever revenue of Rs 10,227 crores; 18% more than previous highest reported revenue in last financial year which was a year of historic performance. The higher revenue has come from, both, fertilizers and chemicals. During FY 22-23, GNFC has crossed over a billion US$ worth of import substitution saving precious foreign exchange to the country and becoming active contributor to ‘Make in India’ initiative of Government of India. In addition, the contribution to National Exchequer in the form of direct and indirect taxes has crossed Rs 1,000 crores. On operating front, new production and sales records have been established in case of Ammonium Nitrate Melt, Ethyl Acetate and Urea. During the year, new formic acid revamp project has been commissioned with 20 KTPA additional capacity. TDI-II at Dahej witnessed reliable operations during Q-4 which led to significant lowering of operating costs. The escalated tensions due to wartime resulted into very elevated price levels of all energy inputs during the year. Apart from this, the Bharuch complex underwent annual shutdown from last week of March-23, which had some volume related impacts in Q-4 apart from wage revision accruals on YoY basis. In spite of these factors, the top line has improved to historical highest, whereas on absolute basis, the full year profit before tax is the second highest ever at Rs 1,932 Crores in its history. On the back of strong financials, the Board of Directors at its meeting held on 18th May 2023 Chaired by Shri Vipul Mittra, IAS has recommended dividend of 300% which is the highest ever dividend. At the year end, anti-dumping duty continues to be in vogue in case of Aniline and TDI which will continue to lend good competitive support for profitable growth. Result PDF