Gujarat State Fertilizers Q1 results: Revenue falls at ₹2,111.82 crore

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₹2,111.82 crore for the first quarter ended June 30 of fiscal year 2024. The company had reported ₹3,048.67 crore revenue in the same quarter a year ago. Its net income stood at ₹112.46 crore in the June quarter of the fiscal year 2024, as compared to ₹345.81 crore in the correspomding period a year ago, Gujarat State Fertilizers & Chemicals said in an exchange filing on Tuesday.

For the first quarter of FY24, the company reported sales at ₹2,062.92 crore against ₹3,018.15 crore in the same period a year ago. Gujarat State Fertilizers’ basic earnings per share (EPS) from continuing operations stood at ₹2.82 as compared to ₹8.68 the previous fiscal year. Its diluted earnings per share from continuing operations was at ₹2.82 in Q1 FY24 as compared to ₹8.68 a year ago.

Shares of the Gujarat State Fertilizers & Chemicals Limited on Tuesday edged down 0.92%, or ₹1.45, to close at ₹156.65. For the fourth quarter of FY23, Gujarat State Fertilisers & Chemicals had posted a net income of ₹2411.56 crore, up by 14.87% YoY from ₹2099.40 crore in Q4 FY22. Its net profit stood at ₹224.91 crore during the quarter ended March 2023, down by 21.26% YoY from ₹285.65 crore during the quarter ended March 2022.

The 60-year-old government-sponsored company sells a variety of products, including more than 24 different brands of fertiliser, as well as petrochemicals, chemicals, industrial gases, plastics, fibres, and other products. For the fiscal year 2023, he company had reported record breaking performance and achieved the highest ever sales. During FY23, the company recorded a net revenue of ₹11,445 crore, up by 25% YoY from ₹9,178 crore in FY 22.