Gujarat Narmada Valley Fertilizers and Chemicals Ltd (GNFC) is one of Indias leading entities mainly engaged in the business of manufacturing and selling of Fertilizers, Industrial Chemicals and providing IT related services in the areas of Information Technology. The company has set up core Chemical and Petrochemical Plants such as Methanol, Formic Acid, Nitric Acid, Acetic Acid, Toluene Di-Isocyanate, Aniline, Ammonium Nitrate, Ethyl Acetate, Methyl Formate, etc. The company is the only producer of Acetic Acid and one of the two producers of Formic Acid in India and has largest single stream Aniline plant in India. The company is the only manufacturer of Toluene Di-Isocyanate in South East Asia and Indian sub Continent. They are having their manufacturing facilities located at Bharuch in Gujarat. (n) Code Solutions - IT Division of the company, provides several value-added IT services and solutions covering System Integration, Smart Cities Implementation, e-Auction, e-Procurement, Block Chain and Education Domain, e-Governance Projects, Data Centres, Cloud services, CCTV Surveillance Systems, etc. The company is carrying out the activities of information technology at Ahmedabad in Gujarat.Gujarat Narmada Valley Fertilizers Company Ltd was incorporated on May 10th, 1976 at Bharuch in Gujarat. The company is joint sector enterprise promoted by the Government of Gujarat and the Gujarat State Fertilizer Company Ltd. In the year 1982, the company started their manufacturing and marketing operations by setting up one of the worlds largest single-stream ammonia-urea fertilizer complexes.In the year 1986, the company formally set up Research and Development centre. The centre is manned by highly qualified team of scientists and technologists. They commissioned 50 MW captive power project in two phases, one in the year 1987 and the second in the year 1990. In the year 1991, they established a 1,42,500 tpa nitro phosphate plant and a calcium ammonium nitrate plant.During the year 1999-2000, the company diversified into information technology by inaugurating Infotower at Ahmedabad. Also, they signed MoU with business partners having technical strength for strategic alliances. During the year 2002-03, the company enhanced the capacity of acetic acid plant from 50,000 MTA to 100000 MTA using improved technology developed by BP Chemicals, UK.During the year 2003-04, the company incorporated ING Satcom Ltd for undertaking IT related activities including providing V-SAT services via Satellite Systems, Internet Gateways, Internet Service Provider, etc. In September 2003, the company commissioned energy efficient Isothermal Reactor which replaced the adiabatic reactor of methanol-I plant.During the year 2004-05, the company entered into a contract with Gas Authority of India Ltd, for supply of R-LNG. The company commissioned the PKI project during the year. The company formed a separate division by the name (n)Code Solutions. In April 2004, the company completed the capacity enhancement of formic acid plant. During the year, a new parallel Methyl Formate section has been successfully revamped and commissioned in March 2005 to utilise waste carbon monoxide stream available from ammonia plant. In April 2005, the company completed the revamping of hydrogen PSA unit and increased the production of hydrogen by 1200 NM3/Hr. In July 2005, the company completed and commissioned the Air Separation Unit (ASU) Revamp project. In October 2005, the company commissioned the AN Melt Filling Station with the additional capacity of 400 MT per day.During the year 2006-07, Narmada Chematur Petrochemicals Ltd (NCPL), the subsidiary of the company amalgamated with the company. The said amalgamation has become effective 15th February 2007. The company commissioned the Methanol Synthesis Unit on July 16, 2006. The project is completed with the expenditure of Rs.27.28 crore and the Methanol capacity has increased by about 30,600 MT per annum. The company during the year divested their shareholding in their wholly owned subsidiary company - ING Satcom Ltd. As such, ING Satcom Ltd also ceased to be the subsidiary of the company.During the year 2007-08, the company revamped the methanol plant to increase the production by about 175 MT per day and urea plant by which the energy saving is about 0.1 Million Kcal/MT urea. In December 2007, the company commissioned the windmill power project of 9 MW capacity, which was taken under Clean Development Mechanism (CDM). During the year ended 31 March 2014, GNFC achieved 101 new records on production and marketing fronts. In order to get an edge over competition, a strategy has been formulated by the company during the year to excel both in production and marketing of its products. Keeping this strategy in mind, concerted efforts were made to achieve highest production levels in most of the products with optimum cost. Ever highest yearly production was achieved in Ammonia, Ammonia Syngas Generation, Neem coated Urea, Formic Acid, Methyl formate, Ethyl Acetate, Weak Nitric Acid, Concentrated Nitric Acid and Captive Power Generation. The company achieved ever highest/all time best yearly sales of Ammonium Nitrate Melt, Weak Nitric Acid, Concentrated Nitric Acid, Ethyl Acetate & Calcium Carbonate during the year. Marketing of Liquid Nitrogen was initiated during the year to create value from otherwise flared gas.The company continued its trading activities in Single Super Phosphate (SSP) and commenced trading of indigenously sourced Di-Ammonium Phosphate (DAP) and Muraite of Potash (MoP) during the year. Selling of pesticides and cattle feed from company operated Narmada Agri Marts (NAMs) was commenced during the year. For the first time, more than one lac MT of fertilizers were sold through NAMs, increasing profitability and realization.Various technical modifications were carried out in Ammonia plant post Ammonia plant Feedstock Conversion from LSHS to Natural Gas (ASGP), which has avoided huge possible losses. With a view to improve overall profitability, low cost gas based ammonia to the tune of 59,215 MT was produced by using Synthesis Gas Generation Unit (SGGU) Shift gas & Methanol purge gas.The use of Morocco Rock was started successfully in ANP plant for developing an alternate source of Rock phosphate, thus reducing dependency on Rock supplied by M/s JPMC, Jordan without adversely affecting plant operation.During the year, the company has executed Fuel Supply Agreement with M/s. South Eastern Coalfield Ltd. for higher quantity of 9.12 lacs MT of coal with a view to maximize the consumption of coal in steam generation. Power trading was also resorted to which has given financial benefit.During the year, commercial production of Ammonia Syngas Generation Project (ASGP) has been declared and the plant has operated at more than 100% capacity in the first year of its operation.Production of Calcium Ammonium Nitrate (CAN) was discontinued in view of the same falling within the ambit of Ammonium Nitrate Rules 2012, made effective from 11 January 2014.Although the commercial production of TDI-II was declared on 24 March 2014, the stabilization of plant has not been achieved due to complex technology.(n)Code Solutions, the IT division of the company, has continued its growth and expansion in the IT Sector during the year by achieving record sales of Rs.102 crore, registering an increase of 29% over the previous year, based on strong performance of all its business segments. (n) Code implemented a unique project on behalf of Bharat Electronics Limited (BEL) for securing voting data in the Electronic Voting Machines (EVMs) using PKI (Public Key Infrastructure) Technology. It also implemented a citywide surveillance project for Ahmedabad Municipal Corporation; one of the largest such projects in the Country and received several recognitions and awards in the field of IT. The year witnessed (n) Code enhancing its reach in the Indian market place, through its engagement with National Informatics Centre in the roll out of several e-governance projects across India.GNFC incurred loss for the first time in the history of the company during the financial year ended 31 March 2015.Total 100 Nos. of ever highest production records were established during 2014-15. The company achieved a record annual production in Formic Acid Plant (208.75%), Acetic Acid Plant (159.32%), Ammonium Nitro- phospahte Plant (144.49%) and Ammonia Plant (139.61%) during the year.All time best annual sales records were made in Toluene Di-Isocynate, AN Melt, Methyl Format, Ortho Toluene Diamine (OTD), Calcium Carbonate, Methanol (Imported), etc. The company achieved a highest ever sale of Urea and Ammonium Nitrophosphate (ANP) during the year.In fertilizer business, GNFC has adopted strategy of more sales of its fertilizers in its primary marketing zone consisting of Gujarat and adjoining states. Further, the emphasis is laid on more sales of fertilizers to the farmers directly by increasing progressively its network of retail outlet known as Narmada khedut Sahay Kendras (NKSKS). In chemical business, more thrust on export has been given to ensure availability of new markets.During the financial year ended 31 March 2016, GNFC achieved highest ever export realization of Rs.212 Crore during 2015-16 against Rs.46 Crore in FY 2011-12 through export of various Industrial Chemical Products and registered a tremendous increase of 358%. Highest ever trading of 57,200 MTs of imported Methanol amounting to Rs.108 Crore was handled by the company during the year.The company established total 217 Nos. of highest ever production (141 Nos.) and sales (76 Nos.) records during 2015-16 surpassing previous best of total 141 Nos. of records established in 2014-15. During the year, the company achieved highest ever production of Ammonia, Urea, ANP, CNA, Formic acid and TDI.Continuing its emphasis on product innovation, the company has added Water Soluble Fertilizer and Technical Grade urea in its product portfolio during the year.During the year, the company has been appointed as Fertilizer Marketing Entity (FME) for three years from October 2015 for handling and distribution of Urea imported by the Government of India.During the year, (n) Code, the IT division of the company has made highest ever profit of Rs. 37 Crore and highest ever turnover of Rs. 146 Crore. GNFC entered into a Joint Venture Agreement with EcoPhos s.a. Belgium and a company in the name of EcoPhos GNFC India Private Limited has been incorporated on 14 March 2016 for setting-up of the said project at a total estimated cost of Rs.526 Crore with an equity investment of Rs.24 Crore for GNFC and Rs.134 Crore for EcoPhos in the ratio of 15:85 respectively. With the implementation of this project, entire HCI generated as by-product from TDI-II Plant, Dahej will be utilized for production of DCP, resulting into improvement in the profitability of TDI business. During the financial year ended 31 March 2017, GNFC recorded highest ever Profit Before Tax (PBT) of Rs.715 Crore on standalone basis and higher ever repayment of term debt of Rs.780 Crore on standalone basis. The company reported higher ever single quarter PBT of Rs.314 Crore for Fourth Quarter of FY 2016-17. GNFC recommended of highest ever dividend of 50% for 2016-17.During the year, the company exported various Industrial Products and achieved ever-highest export turnover of Rs.361 Crore compared to Rs.212 Crore in previous year.During the year, the company has achieved highest ever production in Ammonia, Urea, Technical Grade Urea, Formic Acid, Methyl Formate, ANP, AN Melt (Section-43), Nitrobenzene, CPSU GT Power Generation & HRSG HPSH Steam Generation, Urea Bagging (Total, Neem Coated & Technical Grade), ANP Bagging, TDI-II/ DNT/ MTD/ OTD/ HCl/ SAC/ CO/ H2 in Dahej plant. For Lime Purification Project, Joint Venture agreements were signed with M/s. Santosh Agrochem LLP (SAC) to establish the facility for lime purification in two phases in GNFC premises through a Joint Venture company Calciwell Chemtech Pvt. Ltd. (CCPL). The project will not only solve the problems related to high stock of lime during slack season but also issues related to environment. It will also generate additional revenue for GNFC.GNFCs IT Division n) Code Solutions registered ever highest sales turnover of Rs.189 Crore compared to Rs.151 crore in the previous year and contributed ever highest Profit Before Tax of Rs.51 crore during the year as compared to Rs.38 Crore in previous year, registering an increase of 34% across all its business segments. (n) Code Solutions has bagged major prestigious orders from Ahmedabad Janmarg Ltd., Surat Municipal Corporation - BRTS, Maharashtra Sales Tax Department, Mukhya Mantri Amrutam Yojna, etc.The IT Division has maintained its leadership position in DSCs Business with Digital Signature based solutions for secured transactions and Aadhar based biometric authentication. The division has made ever-highest sales in DSC and e-Procurement collectively, which is highest since the inception of the business.Looking to the exponential growth of the companys IT Division in terms of business and profitability since last more than three years and future growth opportunities in IT Sector and with a view to provide an operational flexibility befitting to its nature of business, which would ultimately pave the way for realizing the full potential of this division and to appropriately reflect its performance, GNFCs Board of Directors decided to carve out wholly owned subsidiary of GNFC for its IT business rather than functioning as a division of the company. Towards this direction, a wholly owned subsidiary of the company in the name of Gujarat NCode Solutions Limited has been incorporated on 28 February 2017 for hiving off IT business to the company.During the financial year ended 31 March 2018, GNFC recorded highest ever Profit Before Tax of Rs.1,162 crore as against Rs.715 crore in the previous year, registering an increase of 63%. The company reported highest ever Profit After Tax of Rs.790 crore as against Rs.521 Crore in the previous year, registering an increase of 51%. The company recorded highest ever turnover of Rs.6,058 crore as against Rs.5,170 crore in the previous year, registering an increase of 17%. The company recorded highest ever exports of Rs.629 Crore as against Rs.361 Crore in the previous year, registering an increase of 74%. The company registered highest ever EBITDA of Rs.1,532 Crore as against Rs.1,170 Crore in the previous year, registering an increase of 31%. It clocked highest ever EPS of Rs.50.80 as against Rs.33.54 in the previous year, registering an increase of 51%. GNFC recommendation of highest ever dividend of 75% as against 50% paid last year.During the year, the company made highest ever pre-payment of Long Term Debt of Rs.534 Crore and highest ever-Long Term Debt extinction of Rs.888 Crore.GNFC established total 186 new records on production and marketing fronts in FY 2018. During the year, the company has achieved highest ever production in Formic Acid, Ethyl Acetate, Aniline, TDI-II and Technical Grade Urea.The company successfully launched E-tendering of Methanol, which was well accepted in the market. GNFC is the first company to adopt such a unique way of chemical sales through e-Tendering. The sale of Ammonium Nitro Phosphate (ANP) was highest ever at 2.23 Lac MTs. compared to 2.16 Lac MTs in the previous year.GNFCs IT Division (n) Code Solutions bagged major prestigious order from Vadodara Smart City Development Ltd. Another notable contribution by (n) Code in the Government Sector was its role in conducting reverse auction on its own e-auction for Gujarat State Civil Supplies Corporation (GSCSC) resulting in to a massive savings of Rs.32.58 Crore to GSCSC.(n) Code Solutions was appointed as an Authentication User Agency (AUA) and e-KYC User Agency (KUA) by Unique Identification Authority of India (UIDAI) for the purpose of providing Aadhaar enabled services. UIDAI had vide its interim order dated 7 June 2018 imposed financial disincentive of Rs.2,05,32,000/- (including GST of Rs.31,32,000/-) due to violation of certain provisions of Aadhaar Act, 2016 and its Regulations by (n) Code. GNFC had submitted due explanations in this proceedings. However, in order to amicably resolve the issue and close the matter, GNFC had made full payment towards financial disincentive to UIDAI.Honble Prime Minister inaugurated GNFCs Neem Product facility on 8 October 2017 and also laid foundation stone for Neem Seed expelling / extraction unit at Bharuch. Neem based products launched by the company has received overwhelming response from the consumers across India.Honble Prime Minister laid foundation stone for Di-Calcium Phosphate (DCP) project on 8 October 2017 at Bharuch. The project is being set up by EcoPhos GNFC India Pvt. Ltd. (EGIL), a Joint Venture Company set-up with EcoPhos s.a. Belgium. The estimated cost of the said project is Rs.538 Crore with an equity investment in the ratio of 15:85 by GNFC and EcoPhos s.a. Belgium respectively.During the year, GNFC made an additional investment of Rs.24.20 Crore in the equity capital of EcoPhos GNFC India Private Ltd. (EGIL), a Joint Venture Company by subscribing 10,07,300 equity shares of Rs.10/- each for cash and 2,32,01,200 equity shares of Rs.10/- each, other than cash by executing an Agreement for sub-letting land to EGIL for setting-up of DCP Project. During the year under review, GNFC also made an investment of Rs.1 Lac in the equity of Gujarat (n) Code Solutions Ltd., a wholly owned subsidiary of the company, by subscribing 10,000 equity shares of Rs.10/- each as subscribers to the Memorandum of Association.During the year 2019, trading activities were continued in Muriate of Potash (MoP), Di-Ammonium Phosphate (DAP), Ammonium Sulphate (AS), Single Super Phosphate (SSP) and City Compost. Total 17,869 MTs of Fertilizers were sold as a part of trading activities.During the year 2019, 17,467 MTs of Neem seeds were collected from which 932 MTs of Neem Oil and 6972 MTs of De-oiled Neem Cake were produced. With a view to encourage organic farming, the Company produced 152 MTs of Oiled Neem Cakes during FY 2018-19. Neem based products such as Neem soap of different variant, shampoo, hand wash, mosquito repellent, hair oil; facewash etc. have received good response from the consumers.During FY 2018-19, the Company had made an additional investment of Rs.12 crore in the equity of Bhavnagar Energy Company Ltd.During the year 2022, trading Activities were continued in Muriate of Potash (MoP), Di-Ammonium Phosphate (DAP), Ammonium Sulphate (AS), Single Super Phosphate (SSP) and City Compost. Total 13,393 MTs of Fertilizers were sold as a part of trading activities.During the year 2022-23, in all, 80 nos. of new records were established, out of which 44 nos. of new records were established in Production and 36 nos. in Dispatch /sale. Formic Acid Revamp project (additional production of 20 MTPD) was commissioned in April 2022; commissioned CNA-IV expansion Project with a capacity of 150 MTPD, in July, 2023.
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