NFL shares jump 6% despite Q3 profit tanking 73%

National Fertilizers Limited (NFL) shares gained six percent in the early trade on February 15 even after the company reported a 73 percent drop in consolidated net profit at Rs 150.9 crore for the December quarter.

Revenue dropped 25.2 percent YoY to Rs 7,581 crore for the quarter.

At 9.20 am, shares of the company were trading at Rs 104.6 apiece on the National Stock Exchange, up 5.87 percent from the previous session’s closing price.

For the nine months ended December, NFL’s total income was Rs 18,349 crore, down 21.5 percent from the same period last year.

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During the period, the company recorded a loss of Rs 57.63 crore as compared to the profit of Rs 694.28 crore during the year-ago period.

The company said a cyclone in the December quarter damaged fertiliser valued at Rs 20.23 crore at the Tuna Port.

The company said, “Pending final settlement of insurance claims, the company has received a sum of Rs 5.97 crore from its insurance company on adhoc basis, thus leaving a net impact on profit of Rs 14.26 crore.”

Over the past six months, the stock has gained over 50 percent against an 11 percent rise in the Nifty during the same time period.

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