Gujarat State Fertilizers & Chemicals (500690) Q4 23/24 earnings summary

Executive summary

• FY24 revenue from operations fell to ₹893,212 lakh standalone and ₹915,464 lakh consolidated; net profit was ₹52,432 lakh and ₹56,378 lakh, respectively.

• Q4 net profit fell YoY to ₹2,112 lakh standalone and ₹2,443 lakh consolidated; a ₹4/share final dividend was recommended, subject to shareholder approval.

Financial highlights

• FY24 operating revenue was ₹5,399 crore versus ₹5,488 crore; subsidy income was ₹3,533 crore versus ₹5,810 crore.

• FY24 operating EBITDA, excluding other income, was ₹482 crore versus ₹1,617 crore; PBT was ₹664 crore versus ₹1,568 crore.

• Q4 operating revenue was ₹1,216 crore versus ₹1,272 crore YoY; subsidy income was ₹724 crore versus ₹1,138 crore.

• Q4 operating EBITDA, excluding other income, was ₹25 crore versus ₹342 crore YoY; PBT was ₹23 crore versus ₹321 crore.

• FY24 comprehensive income fell to ₹39,444 lakh standalone and ₹36,729 lakh consolidated, from ₹104,587 lakh and ₹108,533 lakh, respectively, amid negative OCI items.

Segment performance

• FY24 fertilizer revenue was ₹661,210 lakh standalone and ₹683,462 lakh consolidated; industrial products revenue was ₹232,002 lakh on both bases.

• Q4 standalone fertilizer revenue was ₹130,859 lakh versus ₹178,934 lakh YoY; industrial products revenue was ₹63,114 lakh versus ₹62,085 lakh.

• Manufactured fertilizer production was 1,429,355 MT versus 1,386,088 MT; gross sales were 1,440,694 MT versus 1,377,337 MT.

• Major industrial products production was 158,023 MT versus 164,717 MT; gross sales rose to 142,905 MT from 138,124 MT.

• FY24 caprolactam production/sales were 84,009/59,684 MT; melamine 43,500/47,448 MT; nylon-6 27,291/32,545 MT.