On May 21st, Gujarat State Fertilisers and Chemicals (GSFCL) recorded a sharp 89% plunge in consolidated net profit to Rs 24.43 crore for the fourth quarter of 2023-24, owing to poor sales. The PSU’s total income fell by 16.34% to Rs 2,017.46 crore in the January-March quarter of 2023-24 from Rs 2,411.56 crore a year earlier.
The company’s expenses remained lower at Rs 1,993 crore in the period under review against Rs 2,105.74 crore in 2023. The officials explained that FY’24 was a challenging year for the PSU due to external headwinds in fertilisers and industrial products segments. They also clarified that with their high net-worth proportion in the overall balance sheet size and long-term debt-free position, the company has a healthy financial position to fund its capex plans and wither future shock.
