Fertilizer and chemicals major,Gujarat Narmada Valley Fertilizers and Chemicals Ltd(GNFC) posted a 48% decline in fourth quarter profits, the company said in its stock exchange filing on Thursday. The consolidated net profit fell to Rs 336 crore during the quarter as compared to Rs 643 crore in the year-ago period. GNFCs profits declined as a consequence of weaker demand in theagriculture sector.
The board has recommended a dividend of Rs 30 per share of Rs 10 each fully paid up (300%) for FY23. The companys share price fell 8.05% to Rs 601.95 a piece at close onBSE.