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Product prices at record level; will stay favourable for next 2-3 quarters: GNFC

Updated : February 23, 2021 12:48 PM IST

Bharuch based Gujarat Narmada Valley Fertilizers & Chemicals (GNFC) stock is up 13 percent so far this month and the company has also reported strong earnings on a sequential and year-on-year (YoY) basis.

Prices for our products have gone up to record levels, said Pankaj Joshi, managing director (MD) of GNFC, on Tuesday.

Speaking in an interview with CNBC-TV18, he said, “Our production levels are very high, our sales figures are very high as well as prices have also gone substantially high and we are confident that pricing will remain favourable for next 2-3 quarters.”

“The market of Toluene diisocyanate (TDI), which is another product of GNFC is also very favourable and in the current month itself we were in a position to increase the price by almost 20 percent,” said Joshi.

However, said Joshi, our export portfolio is very less. We basically cater to domestic needs.

On capex front, Joshi said, “We have Rs 500 crore capex in the pipeline. We are expanding the present capacity in nitric acid as well as in formic acid. We have another Rs 1,200-1,500 crore of capex which is at an advance stage of examination and our focus is more on expanding the existing capacities of our chemical plants.”

For full management commentary, watch the video
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