GNFC, a leading fertilizer and chemical company, reported its financial results for the fourth quarter (Q4FY24) and the full fiscal year 2024 (FY24).
Q4FY24 Financial Highlights:
Operating Revenue: ₹2,110 crore
Total Revenue: ₹2,218 crore
Operating EBITDA: ₹145 crore
EBITDA Margin: 7%
Profit Before Tax (PBT): ₹171 crore
Profit After Tax (PAT): ₹127 crore
FY24 Financial Highlights:
Operating Revenue: ₹7,930 crore
Total Revenue: ₹8,399 crore
Operating EBITDA: ₹503 crore
EBITDA Margin: 7%
Profit Before Tax (PBT): ₹651 crore
Profit After Tax (PAT): ₹485 crore
Key Insights:
Mixed Performance: Q4FY24 results were weaker than the previous quarter (Q3FY24) due to a decline in the fertilizer segment, mainly attributed to lower realizations and a downward revision of subsidies.
Chemical Segment Improvement: The chemical segment showed improvement in Q4FY24, with a ~13% increase driven by higher volumes and realizations.
Annual Performance: FY24 performance was affected by lower realizations and margins in both the bulk chemicals and complex fertilizer segments. The annual results are also not fully comparable due to an annual shutdown that limited saleable volume.
TDI Plant Performance: The TDI plant at Dahej achieved its highest ever production, exceeding its rated capacity.
Management Commentary:
Pankaj Joshi, IAS, Managing Director of GNFC, acknowledged the challenges faced in the fertilizer segment due to the reduction in nutrient-based subsidies. He also highlighted the strong performance of the chemical segment and the record production achieved by the TDI plant.
Further Analysis:
ICICI Direct: Provides a detailed analysis of the company's quarterly and annual results, highlighting key trends and insights. (https://www.icicidirect.com/research/equity/rapid-results/gujarat-narmada-valley-fertilizers-and-chemicals-ltd)
Business Standard: Reports on the company's weak Q4 performance and its impact on share prices. (https://www.business-standard.com/markets/news/gnfc-slips-3-on-weak-march-quarter-performance-check-details-here-124052900789_1.html)
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