Gujarat State Fertilizers & Chemicals (500690) Q1 24/25 earnings summary

Executive summary

• Q1 FY25 total income rose to ₹2,193 crore from ₹2,080 crore YoY, while PAT declined to ₹93 crore from ₹106 crore; standalone and consolidated revenue rose, while PAT declined on both bases.

• Fertilizer sales volume increased to 4.46 lakh MT from 3.44 lakh MT YoY; fertilizer segment revenue also increased.

• Industrial products recorded a standalone segment loss before tax and finance costs, versus a profit YoY.

Financial highlights

• Operating revenue was ₹1,292 crore vs ₹1,185 crore YoY; subsidy income was ₹852 crore vs ₹846 crore.

• Standalone revenue from operations was Rs 214,395 lakh vs Rs 203,153 lakh YoY; consolidated revenue was Rs 216,253 lakh vs Rs 206,292 lakh.

• Standalone net profit was Rs 9,264 lakh vs Rs 10,625 lakh YoY; consolidated net profit was Rs 8,732 lakh vs Rs 11,246 lakh. Standalone/consolidated PBT was Rs 11,806 lakh/Rs 11,260 lakh vs Rs 14,029 lakh/Rs 14,647 lakh.

• Operating EBITDA, excluding other income, was ₹118 crore vs ₹138 crore YoY; total income was ₹2,193 crore vs ₹2,080 crore, and other income was ₹49 crore in both periods.

• Total comprehensive income was Rs 82,594 lakh standalone and Rs 82,062 lakh consolidated; OCI included Rs 82,814 lakh of items not reclassified to profit or loss, before tax effect.

Outlook and guidance

• Expansion plan remained on track, with projects spanning FY24-25 to FY27-28.

• Planned initiatives include 10 MW green hydrogen, solar projects totaling 37.5 MW AC, Urea-II revamping, and phosphoric/sulphuric acid capacity additions.