Speed Post News Network
New Delhi : The current COVID19 situation notwithstanding, Rashtriya Chemicals and Fertilisers (RCF) Ltd, a PSU Under the Department of Fertilisers, Ggovernment of India, has crossed Rs. 100 crore in sales of its Industrial Products in the first two months of the current Financial year 2020-21.
Its major products include Ammonia- as refrigerant, for nitriding of steel, rocket fuel, pharmaceuticals; Ammonium Nitrate- in explosives for coal mining etc; Ammonium Bi-Carbonate- for bakery products, tanneries; Methyl Amines- in pesticides, dyestuff, pharmaceuticals; and Concentrated Nitric Acid: in explosives, pharmaceuticals.
RCF’s Q4 2019-20 Profit after Tax rose to over 190 % over Q4 2018-19. It tripled its standalone profit after tax in the March quarter to Rs 142.28 crore from Rs 48.47 crore in previous year registering an increase of 193.54%. RCF’s Profit after Tax For FY 2019-20 rises 49 % over FY 2018-19.
Profit after tax for financial year ended March 31, 2020, surged to Rs 208.15 crore from Rs 139.17 core in previous year. Annual revenue from operations jumped 9 % year-on-year (y-o-y) to Rs. 9,698 crore, which is the highest ever since its inception. Despite various challenges being faced by the Company, the financial performance for the current year has been better as compared to previous year.
Fertilizer industry got some relief as Government approved vintage allowance of Rs 150 per tonne to certain plants (30 years old + converted to Gas) and additional fixed cost of Rs 350 per tonne of Urea as per Modified NPS III which was long awaited. RCF has accounted for the same in Q4 of FY 2019-20. The Board has recommended a dividend of 28.40%, its highest-ever dividend declaration in the history of the Company, according to a PIB release.
S C Mudgerikar, CMD RCF, has stated that during the FY 2019-20 the overall sale of manufactured and traded fertilisers increased by 7% over previous year. Company’s Complex Fertiliser-Suphala sale increased by more than 15% over previous year.