Home / Knowledge / News / Textiles / Q3FY16 sales at nylon producer GSFC soar 23.2%
Q3FY16 sales at nylon producer GSFC soar 23.2%
27
Jan '16
While, sales at nylon 6.6 fibre producer and Gujarat state owned entity, GSFC Ltd soared 23.24 per cent in the three months to December 31, 2015, net profit remained flat over a fiscal ago period.

In its financial statement released for the third quarter of fiscal 2016, GSFC said its revenue surged 23.24 per cent to Rs 1,615.04 crore as against Rs 1,309.39 crore in the prior fiscal's same quarter.

However, net profit for the reporting quarter stayed nearly steady at Rs 103.24 crore over the corresponding quarter of fiscal 2015, when it stood at Rs 103.47 crore.

Net profit stayed stable from a steep fall in other income, while finance costs soared 92.34 per cent and tax expense also witnessed a growth of 21.59 per cent.

Other income dipped to Rs 13.05 crore in the quarter under review from Rs 27.51 crore in the fiscal ago quarter, down a massive 52.56 per cent.

Finance costs at the Gujarat based nylon fibre manufacturer also drove up 92.34 per cent in the third quarter of fiscal 2016 to Rs 8.29 crore compared to Rs 4.31 crore in the third quarter of prior fiscal.

Tax expense also witnessed a growth of 21.59 per cent to Rs 52.20 crore in the three months to December 31, 2015 compared to Rs 42.93 crore in the similar quarter of earlier fiscal.

The growth in expense also kept pace with growth in net income, which too climbed 23.45 per cent year over year to Rs 1,464.36 crore in the third quarter of fiscal 2016.

Of which, cost of materials consumed rose 12.89 per cent to Rs 948.39 crore, employee benefit expenses 42.54 per cent to Rs 133.05 crore and other expenses 21.27 per cent to Rs 186.48 crore, all growing over last fiscal's same quarter.

Despite this, profit from operations before other income, finance costs and exceptional items surged 22.30 per cent in the reporting period to Rs 150.68 crore from Rs 123.20 crore.

Profit before financial activities and exceptional items too affected by the 52.56 per cent drop in other income declined to Rs 163.73 crore, down 8.63 per cent year on year.

Pre-tax profit grew at 6.17 per cent to Rs 155.44 crore as against Rs 146.40 crore in the three months to December 31, 2014. (AR)

Fibre2Fashion News Desk – India

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