Jiya Eco Products Ltd, which manufactures biofules, on Monday reported a 16 per cent decline in net profit at Rs 5.42 crore for the quarter ended September.
Its net profit stood at Rs 6.47 crore in the year-ago period, the company said in a statement.
Total income rose 2 per cent to Rs 54.89 crore during July-September period of 2019-20 fiscal as against Rs 53.47 crore in the corresponding period of previous year.
The net profit fell due to industry cyclical factors and availing of MAT credit in the quarter ended September 2018.
"Our new pellet manufacturing facility at Gandhidham, Gujarat, with a total rated capacity of 54,400 tonne per annum will commence commercial operations soon and will help us further ramp up capacity, market share, topline, and bottomline growth. Our fundamentals remain robust and outlook positive," Jiya Eco Products Ltd Managing Director Bhavesh Kakadiya said.
Jiya Eco Products manufactures biofuel briquettes and pellets from agricultural and forest waste which are used as substitutes for commonly used fossil fuels like coal, charcoal, firewood, diesel, LPG and CNG.