GSFC's Q3 net profit stands at Rs 103.47 cr

Company's total income decreased to Rs 1344.64 cr

State-run Gujarat State Fertilizers and Chemicals Limited (GSFC) posted a marginal two per cent rise in net profit for the quarter-ended December 31, 2014, the company informed the Bombay Stock Exchange (BSE) in a filing on Tuesday.

GSFC posted a net profit of Rs 103.47 crores in the recently-ended quarter compared to Rs 101.20 crores for the corresponding period in the previous financial year, the company said.

The Vadodara-headquartered company's total income decreased from Rs 1510.68 crores for the third quarter of 2013-14 to Rs 1344.64 crore for the third quarter of the 2014-15.

The company's shares on Tuesday closed at Rs 107.50, down 11.78 per cent from previous close of Rs 121. 85.

GSFC recently announced expansions worth Rs 1209 crore.  To meet the growing demand for plastics, the company will expand its Nylon-6 capacity with additional production of 15,000 million tonnes per annum (MTPA).

GSFC is also coming up with an additional plant of 40,000 MTPA apart from its existing capacity of 15,000 MTPA to cater to the increasing demand of melamine. Additional capacity of 2,600 MTPA will be made in the Nylon-6 Fully Drawn Yarn (FDY).

While the nylon-6 and FDY expansion would foresee investment worth Rs 125 crore and Rs 40 crore, that of melamine will see around Rs 1000 crore investment, taking the total investment in the expansion activities to Rs 1209 crore.