Ahmedabad: Gujarat Narmada Valley Fertilizers & Chemicals Limited (GNFC), a joint venture promoted by the Gujarat government and Gujarat State Fertilizers & Chemicals Ltd (GSFC), on Monday reported a net profit of Rs228 crore for the quarter ended 31 December, 2017. This is a rise of 241% from the Rs61 crore net profit in the corresponding quarter a year ago.

GNFC’s revenue in the third quarter of 2017-18 grew by 30% to Rs1,591 crore as compared to Rs1,221 crore in the corresponding period in 2016-17.

Rajiv Kumar Gupta, managing director, GNFC said that with improved financial performance, long-term debt to the tune of Rs471 crore had been prepaid, apart from normal repayment of Rs204 crore. He added that the company aims to be debt-free by the end of the current financial year.