Increase in gas prices contributed price growth, says NFL

National Fertilizers Limited (NFL) on Monday said increased gas prices contributed in price growth after the company reported a nearly two-fold jump in net profit at Rs 103.92 crore for the December quarter on higher sales, especially of non-urea products.

In an interview to CNBC-TV18, Manoj Mishra, chairman-cum-managing director said, "For the last three years, NFL has been producing urea at a capacity of 118 percent. For Q3 quarter, urea production has been at a capacity of 125 percent and this year, we would be close to 119 percent for the year as a whole.”

“In addition to our own production, the topline will also come from handling of imported urea on behalf of government of India for which we have been given three ports by the government: Vizag, Paradip and Tuna ports. We have almost handled 4 lakh tonne urea in sea ports till now, but that has not converted into sales till December. So those numbers will be coming in the last quarter,” he said.

On debt front, Mishra said, "Our debt is manly comprising of subsidy recoverable from government of India and that was more than Rs 5,000 crore as on December 31. With vote-on-account for fertilizer subsidy, the proposal has been there and we hope a major chunk of it will be getting in a month or so."