The shares of Gujarat State Fertilizers&Chemicals Ltd (GSFC) opened at Rs 154 on the last trading session of the week. Till 12.30 pm the stock price has risen by more than 14% and was trading at Rs 162 levels.
The spike is mainly because their consolidated net profit soared by more than 14.19% to Rs 162.95 in Q1 FY23 as against Rs 136.11 crore in Q1 FY22.
Their Net sales soared 63.1% to Rs 3,018.15 crore in the quarter ended June 2022 as against Rs 1,850.91 crore in the corresponding quarter previous year.
In the span of a month, the stock price has risen from Rs 136 to Rs 163 which represents a return of more than 18%. So far in 2022, the stock has added more than 34% YTD.
The share reached its 52-week low of Rs 98.10 in August last year. Post that the stock rallied by more than 92% to reach its 52-week high of Rs 198.80 in April this year.
The company made it to the headlines a few days back, the company has to shut down one of its plants forcefully as a safety measure. This was because On the night of 16 July 2022, a leakage in the bottom Thermo well of the Urea Reactor (XUR-101) was noticed.
Considering shutdown and start-up sequence, a total of thirteen days of production loss which accounted for around 10400 MT of Neem Urea was envisaged, the company said in a regulatory filing. The burnt of this might be seen in the Q2 results of the company.
GSFC is engaged in the production of fertilizers and chemicals. It is under the ownership of the Ministry of Chemicals and Petro-Chemicals, Government of Gujarat. Gujarat State Investments holds 37.84% of the company.
On a yearly basis, the company reported total revenue of Rs 9,082 Crores in FY22, up 19% from Rs 7,634 Crores in FY 21. Their Net profit saw a jump of 100% to Rs 898 Crores as against Rs 449 Crores which it earned the year before.
Written By – Anoushka Roy
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