State PSU Gujarat State Fertiliser and Chemicals (GSFC) today posted 22% increase in net profit at Rs 173 crore for the first quarter ended June 30.
The company's net profit stood at Rs 142.08 crore in the corresponding period last year.
Net sales of the company grew by 17% to Rs 1,412 crore in the reported period against Rs 1,207.68 crore in the corresponding period of 2011-12.
The results were influenced by suppressed international chemical market and limited availability of raw material for DAP fertiliser, a company statement said.
The company is exploring possibilities to secure supply of basic raw materials like phosphoric acid and potash among other from foreign countries, it said.
