Gujarat Narmada Valley Fertilizers & Chemicals Ltd's (GNFC) revenue for Q1FY19 came in at Rs1604.76cr, an increase by 65.4% yoy. The operating profits for Q1FY19 stood at Rs311.74cr, a rise by 81.4% yoy. The EBITDA margin expanded by ~171bps yoy to 19.4% in Q1FY19 as against 17.7% in Q1FY18. The net profit after tax stood at Rs185.52cr for Q1FY19, an increase by 178.8% yoy.
• The standalone gross profit margin of the company for Q1FY19 declined by ~134bps yoy to 60.6% on account of subdued performance under the fertilizers segment witnessing drastic fall in the realizations.
• The EBITDA margin expansion is driven by the chemicals segment and higher levels of operating leverage for the company during the quarter. The employee benefits expense and other expenses increased significantly by 36% and 101% yoy to Rs126.6cr and Rs299.1cr in Q1FY19, respectively.
• The finance cost came down significantly to Rs3.65cr qoq vs. Rs14.05cr in Q4FY18.
• The standalone segment revenue from the fertilizers segment for Q1FY19 stood at Rs419.1cr, up by 37.8% yoy. This is on account of higher levels of volumes during the quarter. However, the likely decline in the realizations and input cost inflation have further deteriorated operating performance under this segment. The segment loss increased from Rs27.4cr in Q1FY18 to Rs146.4cr in Q1FY19.
• The standalone segment revenue from the chemicals segment for Q1FY19 came in at Rs1,159.1cr, up by 62.8% yoy. The increase in revenue is a blend of improvement in volumes, realization, and sales mix. The segment EBIT increased by 173.0%yoy to Rs426.7cr in Q1FY19. The segment EBIT margin increased significantly by ~1,486bps to 37% in Q1FY19.
• The segmental return on capital employed for the chemicals segment for Q1FY19 stood at 17.7% as against 6.0% in Q1FY18.
Gujarat Narmada Valley Fertilizers & Chemicals Ltd is currently trading at Rs. 429.35, up by 5.1 points or 1.2% from its previous closing of Rs. 424.25 on the BSE.
The scrip opened at Rs. 427 and has touched a high and low of Rs. 437 and Rs. 426.05 respectively. So far 11,07,132 (NSE+BSE) shares were traded on the counter. The stock is currently trading above its 200 DMA.
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