Chambal Fertilisers Q4 profit rises 122%
Profit in the financial year ended 31 March surges to ₹1,224.31 crore from ₹545.27 crore in FY19Chambal Fertilisers expects the farming sector to likely get a boost in FY21 with the forecast of a good monsoon
MUMBAI : Chambal Fertilisers and Chemicals Ltd more than doubled its standalone net profit in the March quarter to ₹203.7 crore from ₹91.87 crore a year earlier.
Profit in the financial year ended 31 March surged to ₹1,224.31 crore from ₹545.27 crore in FY19, as the company gained from a one-time deferred tax credit.
Annual revenue jumped 21% year-on-year (y-o-y) to ₹12,205.95 crore, while annual Ebitda before exceptional items grew 54% y-o-y to ₹2,081.77 crore, the company said.
“The company’s performance in the financial year 2019-20 has been outstanding as compared to the last year and the best ever in the history of the company," said Anil Kapoor, managing director of Chambal Fertilisers. “Further, our newly commissioned urea plant achieved the rated capacity during the first full year of operation," he said.
The government “met the long pending demand of the urea industry by approving additional fixed cost of ₹350 per tonne of urea" in FY20, Kapoor said. “The increase does mitigate some of the concerns of the Industry. The effect of the increase has been accounted in the last quarter of the FY 2019-20," he said.
Chambal Fertilisers expects the farming sector to likely get a boost in FY21 with the forecast of a good monsoon. It also expects normal production in all its plants.
Consolidated net profit for the March quarter rose to ₹188.06 crore from ₹97.93 crore a year earlier, though revenue from operations fell 25% y-o-y to ₹1,969 crore.
The results for FY20 have been prepared on the basis of notified concession prices for urea under the New Urea Policy 2015, New Pricing Scheme-Stage Ill, New Investment Policy 2012 (Amended), Modified New Pricing Scheme-Stage Ill and the Uniform Freight Policy, which were adjusted for input price escalation/ de-escalation as estimated on the basis of prescribed norms in line with known policies’ parameters.
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