Gujarat State Fertilizers and Chemicals Ltd (GSFC) has commenced commercial production at its new Hydroxylamine Sulphate Crystal (FIX Crystal) manufacturing facility in Fertilizernagar, Vadodara. The company announced the start of operations on October 11, 2024, through a stock exchange filing.
The newly commissioned plant has an annual production capacity of 6,600 metric tonnes.
Despite this expansion, GSFC has faced a sharp financial downturn, reporting an 89% decline in consolidated net profit for the fourth quarter of the 2023-24 fiscal year. The company’s net profit for the quarter amounted to ₹24.43 crore, down from ₹224.91 crore in the same period the previous year.
Additionally, GSFC’s total income dropped by 16.34%, falling to ₹2,017.46 crore from ₹2,411.56 crore year-on-year. However, the company managed to reduce expenses to ₹1,993 crore, down from ₹2,105.74 crore in the same quarter of the previous fiscal year.
The new plant is expected to enhance GSFC’s production capacity and potentially improve revenue in the coming periods.