MCFL reported a 79.8% y-o-y surge in net sales to R775 cr. This was on account of higher volume of manufactured and traded fertilisers
Vijay Mallya-controlled Mangalore Chemicals and Fertilizers (MCFL) net loss widened to Rs 212 crore in the June quarter. It had reported a net loss of Rs 9.76 crore in the corresponding quarter last year. The company reported a 79.8% y-o-y surge in net sales to Rs 775 crore in the quarter. This was on account of higher volume of manufactured and traded fertilisers.
The operating profit was also higher by 366% to Rs 14 crore in the quarter. The loss was on account of provision towards potential diminution in the value of the assets of the company, including investments in Bangalore Beverages of Rs 200 crore. The company incurred a huge rise in expenditure during the quarter. Expenses rose 77.8% to Rs 761 crore from Rs 428 crore a year ago.
“The urea concession in the period has been estimated and taken into account as per the notification dated January 7 and June 17. The urea plant was shut down on June 7 and was restarted on July 1,” the company said in a filing to BSE.
The board of directors approved the appointment of Vijayamahantesh Khannur as the company secretary with immediate effect. The MCF’s stock closed the day’s trading 2.14% lower at Rs 59.40 per share on BSE.