Chemical
Madras Fertilizers sales, profit jumps courtesy good monsoon
Sales rise 32.46% to Rs 508.00 crore
- By ICN Bureau
| August 17, 2020
State owned Madras Fertilizers Ltd posted a strong growth in its profit as well as sales during first quarter of the current fiscal year due to a favorable monsoon season.
The company's profit jumped 459.44% YoY and reached Rs 62.21 crore in Q1FY21 from Rs 11.12 crore in the same period last year.
Sales also rose by 32.46% YoY and stood at Rs 508.00 crore in the quarter ended March 2020 as against Rs 383.52 crore last year.
The company's ammonia and urea plants were shut down for more than a month during the quarter on account of annual turnaround maintenence jobs. Complex fertilizer plants also faced disruption due to raw materials limitation.
For the full year, the company reported loss of Rs 69.91 crore in FY20 from Rs 80.85 crore in FY19. Sales declined 15.92% to Rs 1339.36 crore in the year ended March 2020 as against Rs 1593.00 crore during the previous year ended March 2019.
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