Ahmedabad: Gujarat Narmada Valley Fertilizers and Chemicals (GNFC), a joint sector enterprise promoted by the government of Gujarat and Gujarat State Fertilizers & Chemicals Ltd (GSFC), on Tuesday said it has posted a net profit of Rs329 crore for the quarter ended March 2018.

This is a rise of 41% from the Rs238 crore net profit posted in the corresponding quarter a year ago on a standalone basis.

GNFC, which is spearheading Prime Minister Narendra Modi’s pet project of promoting Neem-coated urea across the country, saw its fourth quarter revenue for 2017-18, increase by 34% to Rs1,764 crore from Rs1,314 crore in the corresponding period in 2016-17.

For the financial year ended in March 2018, the company posted a net profit of Rs790 crore, 51% higher than Rs521 crore in FY17. Sales grew by 17% to Rs6,058 crore in the financial year 2017-18 from Rs5,170 crore in the previous previous.

Managing director Rajiv Kumar Gupta said that the financial performance of the company in 2017 was the best ever in its 42-year history. He added that with improved financial performance, long-term debt has been fully paid off through a pre-payment of Rs534 crore.

“These measures reduced the finance cost of the company by 51% y-o-y," Gupta said in a statement on Tuesday.

The company has also announced a dividend of 75%, its highest so far.