Chemical
GNFC quarterly profit drops sharply due to Covid-19 pandemic
Company's sales in Q1FY21 stood at Rs. 700.23 crore, which declined by 42.13% .
- By Pravin Prashant
| August 31, 2020
Gujarat Narmada Valley Fertilizers & Chemicals Limited (GNFC) announced its quarterly results on August 31, 2020.
Company's sales in Q1FY21 stood at Rs. 700.23 crore, which declined by 42.13% yoy from Rs. 1,209.94 crore in Q1FY20.
The net profit in Q1FY21 came in at Rs. 2.97 crore that declined by 95.72% yoy, as compared to Q1FY20, when it had reported profit of Rs. 69.44 crore. The net profit margin in Q1FY21 came in at 0.42% that declined by 5.32% yoy. The net profit margin for Q1FY20 was at 5.74%.
EBITDA stood at negative Rs. 24.25 crore in Q1FY21 that decreased by 125.22% yoy. For Q1FY20, it had posted EBITDA of Rs. 96.16 crore. EBITDA margin as of Q1FY21 was at negative 3.46% that declined by 11.41% yoy compared to the same quarter, previous year.
Sales from company's key business vertical, chemicals segment almost dropped by half during the quarter and stood at Rs. 354 crore as against Rs. 764 crore last year.
Based on the several pro-active measures taken by the company, the company has been able to operate Its ptant, however, the lockdown during part of the quarter has impacted the demand for company's products & services, especially the industrial products. The demand in overseas market is also severely impacted due to COVID-19, stated GNFC.
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