Mumbai: Gujarat Narmada Valley Fertilisers Company (GNFC), a fertiliser and chemical major based in Bharuch, Gujarat, has posted excellent results for the first quarter of the financial year 2003-04. It clocked an increase of 53 per cent in net profit after tax to Rs 26.46 crore as compared to Rs 17.33 crore for the corresponding period of the previous fiscal.

The total income increased by 15.2 per cent to Rs 380 crore as compared to Rs 330 crore in the corresponding period of the previous fiscal. The sales turnover is higher by 20 per cent at Rs 301 crore, compared to Rs 250 crore. The revenue from fertilisers segment went up by 35 per cent compared to the previous period.

The company''s total expenditure was higher by 12 per cent at Rs 336 crore against Rs 299 crore on account of a higher amount of spending on purchase of finished goods, for trading, manufacturing and other expenses, and includes higher amount of write-offs and a provision of Rs 19 crore compared to Rs 4 crore in the previous corresponding period. Interest expense (net of interest income) came down by 22 per cent in the same period.

GNFC''s profit before tax increased by 45 per cent to Rs 44.46 crore, from Rs 30.75 crore. On account of a better financial performance during Q1, its earning per share has also increased to Rs 1.81 compared to Rs 1.18 for the corresponding period of the previous fiscal.