GSFC net profit down by 28.7 per cent to Rs 50-cr in Q1

Vadodara, July 17 (UNI) Even as Gujarat State Fertilzers&Chemicals (GSFC) registered 5.7 per cent increase in sales during the last quarter ended June 30, 2006 to Rs 449.17 cr from Rs 424.84 cr during the corresponding period last fiscal, its profit after tax dropped by 40 per cent to Rs 50.06 cr from Rs 70.21 cr over the same period.

The Vadodara-based fertilzers major's profit before tax also hit a fall by 38.5 per cent to Rs 55.85 cr from Rs 91.05 cr during the same period, says a release issued here today.

Addressing the board of directors while declaring the company's unaudited result, its chairman Sudhir Mehta said the company has come under normal tax regime from the current year, making a provision of Rs 42 crore for various taxes.

Its managing director A K Luke said that all major plant shutdowns were carried out in the first quarter, while it used to be spread out during the entire year earlier.

However, he said, the Sikka unit has produced 1.62 lakh tonnes of fertilizers during the last quarter as against 51,000 tonnes the same quarter last fiscal, he said.

UNI SS-VKC KU NV2246