Gujarat State Fertilizers & Chemicals (500690) Q3 24/25 earnings summary

Executive summary

• Q3 total revenue was Rs 2,024 crore vs Rs 2,811 crore YoY, with PAT of Rs 112 crore vs Rs 119 crore; statutory Q3 revenue from operations and net profit increased YoY on standalone and consolidated bases.

• Fertilizer sales volumes increased YoY; fertilizer products were profitable, while industrial products recorded segment losses. Expansion projects included solar, urea revamping and new acid capacity.

Financial highlights

• Q3 operating revenue was Rs 1,221 crore vs Rs 1,626 crore YoY, and subsidy income was Rs 722 crore vs Rs 1,129 crore; total revenue was Rs 2,024 crore vs Rs 2,811 crore.

• Statutory standalone Q3 revenue from operations was Rs 2,75,515 lakh vs Rs 1,94,349 lakh YoY; net profit was Rs 11,947 lakh vs Rs 11,212 lakh. Consolidated revenue was Rs 2,81,407 lakh vs Rs 2,00,775 lakh; net profit was Rs 13,385 lakh vs Rs 11,799 lakh.

• Standalone 9M revenue was Rs 7,52,200 lakh vs Rs 6,99,239 lakh, with net profit of Rs 51,478 lakh vs Rs 50,320 lakh; consolidated revenue was Rs 7,61,177 lakh vs Rs 7,18,939 lakh, with net profit of Rs 51,940 lakh vs Rs 53,936 lakh.

• Q3 PBT was Rs 138 crore vs Rs 153 crore YoY; 9M PBT was Rs 641 crore vs Rs 663 crore. 9M revenue was Rs 7,317 crore vs Rs 7,779 crore.

• Operating EBITDA, excluding other income, was Rs 104 crore in Q3 vs Rs 149 crore YoY and Rs 458 crore for 9M vs Rs 555 crore; EPS was Rs 2.82 and Rs 12.63 for Q3 and 9M.

Outlook and guidance

• Expansion schedule spans FY24-25 through FY27-28, including the 15 MW AC Charanka solar project and Urea-II revamping for energy reduction.

• Sulphuric Acid V capacity is 198 KTPA; participation in the GIPCL 75 MW solar project represents 37.5 MW AC.

• Sikka phosphoric and sulphuric acid projects are planned for 198 KTPA PA and 594 KTPA SA.