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Fertilizers company Gujarat Narmada Valley Fertilizers & Chemicals announced Q4FY24 & FY24 results:
Q4FY24 Financial Highlights:
- Operating revenue: Rs 2,110 crore
- Total revenue: Rs 2,218 crore
- Operating EBITDA: Rs 145 crore
- EBITDA %: 7%
- Profit before tax (PBT): Rs 171 crore
- Profit after tax (PAT): Rs 127 crore
FY24 Financial Highlights:
- Operating revenue: Rs 7,930 crore
- Total revenue: Rs 8,399 crore
- Operating EBITDA: Rs 503 crore
- EBITDA %: 7%
- Profit before tax (PBT): Rs 651 crore
- Profit after tax (PAT): Rs 485 crore
Pankaj Joshi, IAS, Managing Director, GNFC explained that: The financial performance during Q4FY24 witnessed improved revenue attributable to chemical segment which improved by ~13% driven by both increased volume as well as price realisations. This improvement is, to a large extent, offset by decrease in fertilizer segment where volumes are down and in case of complex fertilizer which is not a pass through mechanism, it affected realisations as well as margins as well due to downward revision of subsidy.
On a YoY Q4, chemical segment is strongly affected mainly driven by lower realisations which has pervasive margin shrink effect. Fertilizers segment improved in volume but witnessed erosion in margin as a result of continuously lowering of nutrient based subsidy.
On a YoY full year basis, both, the bulk chemicals as well as complex fertilizers have witnessed substantial dents in realisation and margin as the cycle has turned from sellers to buyers’ market. The results for full year is not fully comparable in view of the annual shutdown during the period which limited the availability of saleable volume.
During the current financial year, Dahej operations of TDI has been stable with increased volume which has improved the operating results. It achieved highest ever production of ~53 TMT against the plant’s rated capacity of 50 TMT.
The Concentrated Nitric Acid (CNA-IV) plant which became operational during the year achieved ~90% capacity utilisation in its first year of operation
During the FY 23-24, two important developments took place (a) Employee Wage Settlement (b) Equity Share Buyback worth ~Rs 802 crores including income tax.
The Board of Directors at its meeting held on 28th May 2024 has recommended dividend of Rs16.50 per share (i.e. 165%)
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