GNFC registers Rs 1,464-crore turnover; PBT at Rs 136 crore

ur Corporate Bureau
14 June 2003

Mumbai: Gujarat Narmada Valley Fertilisers Company (GNFC) Bharuch has posted a turnover of Rs 1464.27 crore and a profit before tax (PBT) of Rs 136.39 crore for the financial year 2002-2003, which is Rs 18.20 crore higher than the last year. In spite of a higher tax provision of Rs 5.16 crore in comparison to the last year, the profit after tax has increased by Rs 13.04 crore in comparison to the last year.

GNFC''s financial performance has been excellent despite the recession in the international markets coupled with a fierce competition in the domestic chemicals sector. The board of directors of the company has recommended a dividend of 25 per cent at a meeting held here today.

GNFC''s management has effectively handled plant operations, repairs and maintenance and the overall marketing through the strategic planning route, cost-cutting exercises and efficient administration, as a result of which GNFC has earned a distinction in the fields of production, turnover, sales and profit.

All the units of the company have maintained the tradition of achieving over 100-per cent capacity utilisation and have established 62 daily, monthly and annual production records during the year — a true reflection of the professional approach of the company''s management.

The ammonia plant with a capacity utilisation of 112 per cent has achieved 4,97,119 MTA of production, while the urea plant with 107 per cent has achieved a production of 6,36,935 MTA. Methanol-I&II plants have achieved a production of 38,889 MTA and 1,39,460 MTA with 194 per cent and 139 per cent capacity utilisation, respectively, while the formic acid plant with a production of 11,104 MTA has achieved 222 per cent capacity utilisation.

The acetic acid plant with a production of 67,016 MTA has achieved 137-per cent capacity utilisation and the weak nitric acid plant with a production of 2,88,362 MTA has achieved 117-per cent capacity utilisation. The ANP plant with a production of 1,75,551 MTA has achieved a capacity utilisation of 123 per cent and the CAN plant with a production of 65,239 MTA has achieved a capacity utilisation of 99 per cent.