Zuari Agro Chemicals Ltd (ZACL) today posted a net profit of Rs 2.04 crore for the first quarter ended June 30, on account of rise in sales.
The company had reported a net loss of Rs 37.88 crore in the year ago period.
Net sales of the company rose to Rs 1,555.30 crore during the April-June period from Rs 1,029.46 crore in the year-ago period, ZACL said in a BSE filing today.
The company also informed that it has received Rs 52.93 crore from Gas Authority of India Ltd (GAIL) toward take or pay obligation.
Even prior to receiving this demand, the company has represented GAIL to reduce the annual contractual quantity based on which company is confident that the take or pay amount will be substantial lower.
During the quarter, MCFL has become a subsidiary of ZFCL, which is wholly-owned subsidiary of the company.
ZFCL shares settled at Rs 190.10 apiece on BSE today.
