Chambal Fertilisers reports 125 pc jump in FY20 profit at Rs 1,224 crore

New Delhi [India], May 25 (ANI): Chambal Fertilisers and Chemicals Ltd has reported 125 per cent jump in its net profit for 2019-20 at Rs 1,224 crore, including one-time deferred tax credit due to promulgation of Taxation Laws (Amendment) Act 2019.
Excluding the deferred tax credit, the net profit works out to Rs 880 crore, up by 61 per cent from Rs 545 crore in FY19. Annual revenue for FY20 stood at Rs 12,206 crore, marking an increase of 21 per cent year-on-year.
"The company's performance this year has been the best ever in its history. Our newly commissioned urea plant achieved the rated capacity during the first full year of operation," said Managing Director Anil Kapoor.
On the future outlook, Kapoor said the farming sector is likely to get a boost with the forecast of a good monsoon. All the company's urea plants operated normally during COVID-19 lockdown period.
"Going forward, we expect production in all our plants to be normal. The demand of our products is looking encouraging and we are comfortable on the logistics side also," he said in a statement.
The company expects to comfortably meet all its obligations towards interest and term loan repayments for the current year.
Chambal Fertilisers and Chemicals accounts for nearly 15 per cent of total urea produced in the country. Its three nitrogenous fertiliser (urea) plants are located at Gadepan in Kota district of Rajasthan which has an installed annual production capacity of about 3.4 million tonnes.
These plants use modern technology from Denmark, Italy, the United States and Japan. The Gadepan III plant commissioned recently is among the most efficient plants in the world and uses the latest technologies from US-based KBR and Toyo Engineering Corporation of Japan. The new plant has an installed annual production capacity of 1.4 million tonnes.
The company caters to the need of the farmers in 10 states in northern, eastern, central and western regions of India and is the lead fertiliser supplier in Rajasthan, Madhya Pradesh, Punjab and Haryana. (ANI)