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• GNFC announced a dividend of ₹18 per share (180%), an increase from ₹16.5 per share last year.
• The company has a total capital expenditure plan of around ₹2,900 crore at different stages of execution and approval.
• Kearney's recommendations on organizational structure, transformation, and expansion have been debated, with the company moving towards execution.
• The NBS subsidy revision impacts GNFC by roughly ₹2,600 per metric ton.
• The company's turnover was similar to last year, with an elongated shutdown of TDII impacting topline by approximately ₹300 crore and profits by ₹100 crore.
• Q4 saw a topline of roughly ₹2,055 crore and a PBT of ₹287 crore, driven by chemical contributions.
• Losses in fertilizers decreased by around ₹64 crore, while chemical volumes and profitability improved, with AN melt, technical grade urea, and aniline contributing positively.
• There is a net change of roughly ₹250 crore in the overall net worth of the company.
• Acetic acid sales were up 7%, AN melt sales up 9%, aniline sales up 15%, TG urea sales up 52%, CNA sales up 15%, Formic acid sales up 6.7%, and Methanol up 73%.
• A planned shutdown occurred at the beginning of the current financial year for about 3 weeks, limiting volume growth possibilities.
• TDI production is down by 31% overall, with TDI Dahej down by 44% due to an extended shutdown, while TDIBharuch is up by 9%.
• The company expects to commission a boiler by September, with a potential impact ranging between ₹12,000 to ₹18,000 per metric ton.
• Management is focused on procurement optimization, power optimization, and digital initiatives for margin improvement.
• Kearney initially considered ₹15,000 crore worth of investment opportunities, with options now going up to around ₹22,000 crore for import substitutes.
• Methanol plant stopped as of now because prices of gas have gone up and are not competitive in manufacturing.

• GNFC has submitted the Annual Secretarial Compliance Report for the financial year ended March 31, 2025.
• The report was issued by M/s J. J. Gandhi & Co., Practicing Company Secretaries.
• The report reviews compliance with applicable statutory provisions and adherence to good corporate practices.
• The listed entity has complied with the provisions of the Regulations and circulars/ guidelines issued thereunder except in respect of matters specified below:
• standalone Limited Review Report for quarter ended on 30.06.24, Delay in submission on BSE and by NSE. Fine imposed by BSE Rs. 29,500 paid on 21.09.24

Gujarat Narmada Valley Fertilizers and Chemicals Limited (GNFC) has released its Investor Presentation for Q4 FY24-25, ahead of an Investor/Analyst meet via conference call on Monday, May 26, 2025.

• Financial Performance (Q4 FY24-25 vs. Q4 FY23-24):

  • Operating Revenue: ₹2,055 crore (vs. ₹2,110 crore)
  • Total Revenue: ₹2,177 crore (vs. ₹2,218 crore)
  • Operating EBITDA: ₹240 crore (vs. ₹145 crore), with EBITDA % at 12% (vs. 7%)
  • Profit Before Tax (PBT): ₹287 crore (vs. ₹171 crore), a 68% increase
  • Profit After Tax (PAT): ₹210 crore (vs. ₹127 crore)

• Financial Performance (FY24-25 vs. FY23-24):

  • Operating Revenue: ₹7,892 crore (vs. ₹7,930 crore)
  • Total Revenue: ₹8,393 crore (vs. ₹8,399 crore)
  • Operating EBITDA: ₹615 crore (vs. ₹503 crore), with EBITDA % at 8% (vs. 6%)
  • Profit Before Tax (PBT): ₹790 crore (vs. ₹651 crore), a 21% increase
  • Profit After Tax (PAT): ₹585 crore (vs. ₹485 crore)

• Management Commentary:

  • Dr. T. Natarajan, Managing Director, stated that the company achieved better financial performance driven by improved operating results. PBT improved 36% quarter-on-quarter and 68% year-on-year for the quarter, and 21% for the full year. This improvement is attributed to higher volumes and better realisations, along with lower feed and fuel prices.
  • He also noted that the Dahej complex's sales volumes were impacted by a shutdown period.
  • In the fertilizer segment, positive support from the Government of India with supportive Nutrient Based Subsidy (NBS) rates, along with higher volumes, improved the scenario.

• Key Business Updates:

  • Fertilizers: Nutrient Based Subsidy announced for April 1, 2025 to September 2025, with GoI considering long-pending revisions. Energy norms and fixed costs revisions are expected by Q2 FY25-26. Pipeline inventories are below the historic 5-year average.
  • Chemicals: Bharuch Plant underwent annual turnaround; complex is now normal. TDI-II Dahej is producing at a stable rate. Negotiation process for INEOS JV is ongoing. Margin profile improved in Q4 due to better chemical realisations.
  • General: The Board has recommended a dividend of ₹18 per share (180%) with a payout ratio of 45%. The company achieved its highest ever production of ammonia, urea, and weak nitric acid.

• Capex Plan:

  • Brownfield and maintenance capex totaling approximately ₹2,900 crore is planned.
  • Brownfield capex for Ammonium Nitrate bids is at an advanced stage of evaluation.
  • The Board is in the process of finalizing a strategic roadmap for further capex.
  • Projects Under Execution: Coal Based Steam & Power Plant (150 MT/Hr Steam & 18 MW Power), Ammonia Expansion (50 KTPA), Weak Nitric Acid – III (200 KTPA).
  • Project Under Consideration: Ammonium Nitrate -II (163 KTPA).

• Dividend: The Board of Directors recommended a dividend of ₹18 per share (180%) for FY24-25.

• Financial Ratios (FY24-25): Net Profit Ratio at 7.42%, RoE at 7.03%, RoCE at 9.24%, EPS at ₹39.85 per share, Book Value at ₹575 per share.

• Balance Sheet (as of March 31, 2025): Total Assets stood at ₹10,880 crore, with Net Worth at ₹8,452 crore. Cash & Bank balance/deposits increased by 51% to ₹2,308 crore.

• Shareholding Pattern (March 2025): Promoters hold 41%, FII/FPI 15%, DII 10%, and Indian Public & Non Institutional Investors 34%.

Gujarat Narmada Valley Fertilizers and Chemicals Limited (GNFC) announced its audited financial results for the fourth quarter and financial year ended March 31, 2025, on May 23, 2025. The Board of Directors approved the results and made several key decisions:

• Financial Performance (Standalone & Consolidated for FY25):

  • The company reported a significant increase in Net Profit after tax (PAT) for the financial year ended March 31, 2025. Standalone PAT rose to ₹585 crore from ₹485 crore in the previous year.
  • Consolidated PAT, including share of profit from associates, increased to ₹597 crore in FY25, up from ₹497 crore in FY24.
  • Profit before tax (PBT) for FY25 stood at ₹790 crore, compared to ₹651 crore in FY24.
  • Revenue from operations for FY25 was ₹7,892 crore, a slight decrease from ₹7,930 crore in the previous fiscal year.
  • Basic Earnings Per Share (EPS) for FY25 improved to ₹39.80 (standalone) and ₹40.61 (consolidated).

• Q4 FY25 Performance (Standalone & Consolidated):

  • For the fourth quarter ended March 31, 2025, Net Profit after tax (standalone) surged to ₹210 crore, significantly higher than ₹127 crore in the corresponding quarter of the previous year.
  • Revenue from operations for Q4 FY25 was ₹2,055 crore.

• Dividend Recommendation:

  • The Board recommended a dividend of ₹18/- per equity share of ₹10/- each fully paid up (180%) for the financial year ended March 31, 2025. This is subject to shareholder approval at the upcoming Annual General Meeting.

• Key Managerial Personnel Appointment:

  • Mr. Rajesh Pillai has been appointed as the Company Secretary (Key Managerial Personnel) and Compliance Officer of the company, effective May 23, 2025.

• Segmental Performance (FY25):

  • The Chemicals segment's revenue increased to ₹4,900 crore from ₹4,726 crore, with its segment result (profit before tax & finance cost) rising to ₹665 crore from ₹542 crore.
  • The Fertilizers segment's revenue decreased to ₹2,900 crore from ₹3,054 crore, but its segment loss improved to ₹180 crore from ₹244 crore.

• Contingent Liability:

  • The company highlighted a contingent liability of ₹21,370 crore (including interest and penalty computed till November 30, 2021) from the Department of Telecommunications (DoT) related to VSAT and ISP license fees for financial years 2005-06 to 2019-20. GNFC believes it has strong grounds to contest this demand and has not made any provision in its financial results.