Wed, 15 Jul 2020

Mumbai (Maharashtra) [India], May 30 (ANI): Mini-ratna public sector undertaking Rashtriya Chemicals and Fertilisers Ltd on Saturday reported a standalone profit after tax of Rs 142 crore in the March quarter, marking an increase of 193 per cent from Rs 48 crore in the previous year.

Profit after tax for the financial year ended March 31 surged to Rs 208 crore from Rs 139 crore in the previous year.

Annual revenue from operations jumped 9 per cent year-on-year to Rs 9,698 crore, the highest ever since the inception of the company. Earnings before interest, taxes, depreciation and amortisation (EBITDA) before exceptional items grew 36 per cent to Rs 712 crore.

The board of directors has recommended a dividend of 28.4 per cent, the highest ever in the company's history, the company said in a statement.

The fertiliser industry got some relief as the government approved a vintage allowance of Rs 150 per tonne of urea to certain plants (30 years old and converted to gas) and additional fixed cost of Rs 350 per tonne of urea as per Modified New Pricing Scheme III which was long-awaited.

During FY 2019-20, Rashtriya Chemicals and Fertilisers' overall sale of manufactured and traded fertilisers increased by 7 per cent over the previous year. The company's complex fertiliser suphala sale increased by more than 15 per cent over the previous year.

The company also launched two new products -- organic growth stimulant and water-soluble silicon fertilisers.

Rashtriya Chemicals and Fertiliser produces about 25 lakh tonnes of urea, 4.75 lakh tonnes of complex fertilisers and 4.5 lakh tonnes of industrial chemicals every year. (ANI)

More Mumbai News

Access More

Sign up for Mumbai News

a daily newsletter full of things to discuss over drinks.and the great thing is that it's on the house!