Gujarat Narmada Valley Fertilizers & Chemicals (GNFC) dropped at 9.16 per cent to Rs 612 after the net profit slipped 16 per cent to Rs 237 crore in the second quarter of FY23 from Rs 282 crore in the second quarter of FY22.

The company said that revenue from operation stood at Rs 2,587 crore, which is more than 23 per cent now recorded in the second quarter of FY22.

The PBT went down by 24.2 per cent yearly to Rs 316 crore in Q2FY23. Operating EBITDA declined 28.3 per cent to Rs 309 crore in the second quarter of FY23 compared to Rs 431 crore in the second quarter of FY22. EBITDA margin de-grew to 12 per cent in Q2FY23 compared to 21 per cent recorded in Q2FY22.

Total expenses hit a high at 35.6 per cent year on year to Rs 2,356 crore. The cost of material consumed soared 36.89 per cent to Rs 1,310 crore.

The company has to be promoted by the Government of Gujarat and the Gujarat State Fertilizers & Chemicals (GSFC) beyond fertilizers through a process of horizontal integration.