Gujarat Narmada Valley Fertilizers and Chemicals (GNFC) Q1 24/25 earnings summary

Executive summary

• Total operating revenue for Q1 FY25 was ₹2,021 crore, up 22% year-over-year but down 4% sequentially.

• Net profit for Q1 FY25 stood at ₹115 crore, a 35% increase year-over-year but a 9% decline sequentially.

• EBITDA margin improved to 8% in Q1 FY25 from 6% in Q1 FY24, driven by better chemical segment margins.

• Annual turnaround at Dahej complex limited available volume, impacting PBT sequentially; operations expected to normalize from August 2024.

Financial highlights

• Standalone revenue from operations: ₹2,021 crore (Q1 FY25), ₹1,652 crore (Q1 FY24), ₹2,110 crore (Q4 FY24).

• Standalone net profit: ₹115 crore (Q1 FY25), ₹85 crore (Q1 FY24), ₹127 crore (Q4 FY24).

• Consolidated net profit: ₹118 crore (Q1 FY25), ₹88 crore (Q1 FY24), ₹130 crore (Q4 FY24).

• EBITDA (excluding other income): ₹153 crore (Q1 FY25), ₹105 crore (Q1 FY24), ₹145 crore (Q4 FY24).

• Basic EPS (consolidated): ₹8.03 (Q1 FY25), ₹5.68 (Q1 FY24), ₹8.84 (Q4 FY24).

Outlook and guidance

• Operations at Dahej complex expected to resume in August 2024, normalizing supply and improving performance in coming quarters.

• Stable operations at Bharuch and improved domestic TDI share expected to support better realizations.

• Management anticipates improved results in subsequent quarters of FY25.