Gujarat State Fertilizers and Chemicals
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Gujarat State Fertilizers & Chemicals Limited (GSFC) is
an Indian manufacturer of fertilizers and Industrial Chemicals. GSFC was
founded in 1962. Oil and gas discoveries in Bombay High and South Basin
triggered the birth of 8 new generation fertilizer plants to fulfill the
growing food needs of India.
The company is listed on the Bombay Stock Exchange with the
Security Code 500690, and as at Monday 28 September 2014 it had a market
capitalisation of Rs 3,030.42 crore.[1] GSFC maintains its headquarters in
Vadodara in the state of Gujarat, on the Vadodara-Ahmedabad National
Highway.[2] It manufacturers plastics, nylons, fibers, industrial gases and
varied chemicals including urea, ammonia, ammonium sulfate, sulfuric acid,
phosphoric acid & diammonium phosphate, Caprolactam, Malemine, Methanol.[3]
In 1976, GSFC entered into a joint venture with the State
Government of Gujarat by setting up a plant in Bharuch which trades as Gujarat
Narmada Valley Fertilizers & Chemicals Limited.
GSFC’s product range includes fertilizer products
(manufacturing) like Di-Ammonium Phosphate (DAP), Urea, AS, Ammonium Phosphate
Sulphate (APS) and industrial chemical products like Caprolactam, Nylon-6
(N-6), Melamine, Nylon chips, MEK Oxime, etc. Furthermore, GSFC trades in DAP,
Methanol, Melamine and other fertilizer as well as Industrial products.
GSFC’s operations are marked by high level of vertical
integration across both fertilizers and industrial products division. GSFC
meets its ammonia requirements for manufacturing of fertilizers such as urea,
AS and APS and few industrial products through captive production. Furthermore,
captive production of caprolactam is used for manufacturing N-6. The integrated
manufacturing facilities attempt full utilization of available resources.
Total Operating Income (TOI) of GSFC improved by ~35% during
FY19 from Rs.6346 crore in FY18 to Rs.8576 crore in FY19 mainly on the back of
higher trading income of DAP. PBILDT margin moderated from 10.23% during FY18
to 9.77% during FY19 mainly because of higher trading income; otherwise
absolute PBILDT improved from Rs.649 crore in FY18 to Rs.838 crore in FY19.
Overall gearing ratio of GSFC remained stable at 0.15x as on March 31, 2019
with stable working capital borrowings. Subsidy receivables decreased
marginally from Rs.1,719 crore at FY18 end to Rs.1,658 crore at FY19 end mainly
due to release of withheld AS subsidy. Also, its debt coverage indicators
marked by interest coverage & Total debt / PBILDT improved during FY19.
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