FLUOROCHEM · Chemicals
Gujarat Fluorochemicals Ltd. reported revenue of ₹1,225 cr for January to March 2025, +8.1% on the year and +6.7% on the quarter. It is the highest quarterly revenue in the last 8 quarters on record. Over the last four quarters revenue comes to ₹4,737 cr, +10.7% on the four before.
Operating profit (EBITDA) was ₹306 cr, a margin of 25.0%, +397 bps on the year and −63 bps on the quarter. Over the last 8 quarters the margin has ranged from 17.3% to 28.8%, averaging 23.2%. Operating costs grew +2.7% against revenue growth of +8.1%, so more of each rupee of sales reached operating profit.
Net profit was ₹191 cr, +89.1% on the year and +51.6% on the quarter, with earnings per share of ₹17.39. Profit before other income, one-offs and tax grew 55.3%, so 34 points of the headline growth came from outside the core business. The tax rate was 12% against an average of 28% over the previous 7 quarters, which lifted profit this quarter. Profit over the last four quarters totals ₹546 cr, +25.5% on the four before.
Speciality chemicals are read on volumes and pricing, with Chinese supply a recurring swing factor; inventory destocking can hit a quarter without a change in demand. The quarterly statements do not carry volumes against prices, capacity utilisation and new molecules; those come with the filing read.
On earnings per share of ₹49.71 over the last four quarters, the stock at ₹4,380.00 trades at 88.1 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
A lower tax rate lifted profit. Is the lower rate going to last?
Effective tax rate 12.0% against 28.5% over the previous quarters, worth about ₹35.8 cr of profit.
Source: Quarterly statements
Headline profit grew much faster than core profit. What made up the difference?
Reported profit +89.1% on the year; profit before other income, exceptional items and tax +55.3%.
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹947 cr | ₹992 cr | ₹1,133 cr | ₹1,176 cr | ₹1,188 cr | ₹1,148 cr | ₹1,225 cr | ₹1,281 cr | ₹1,210 cr | ₹1,136 cr | ₹1,369 cr | ₹1,588 cr |
| YoY | — | — | — | −3% | +25% | +16% | +8% | +9% | +2% | −1% | +12% | +24% |
| EBITDA margin | 17.3% | 20.8% | 21.0% | 22.3% | 24.8% | 25.6% | 25.0% | 26.9% | 30.1% | 24.2% | 22.4% | 26.8% |
| Other income, % of PBT | 17% | 12% | 13% | 6% | 5% | 8% | 12% | 9% | 2% | −7% | 2% | 4% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 29% | 27% | 28% | 28% | 30% | 28% | 12% | 26% | 27% | 29% | 42% | 29% |
| Net profit | ₹53.0 cr | ₹80.0 cr | ₹101 cr | ₹108 cr | ₹121 cr | ₹126 cr | ₹191 cr | ₹182 cr | ₹179 cr | ₹102 cr | ₹100 cr | ₹219 cr |
| YoY | — | — | — | −46% | +128% | +57% | +89% | +69% | +48% | −19% | −48% | +20% |
| Core profit YoY | — | — | — | −45% | +163% | +66% | +55% | +60% | +47% | −5% | −12% | +33% |
| EPS | ₹4.82 | ₹7.28 | ₹9.19 | ₹9.83 | ₹11.02 | ₹11.47 | ₹17.39 | ₹16.57 | ₹16.29 | ₹9.29 | ₹9.38 | ₹20.12 |
| Flags | · | · | · | 1 | ✓ | ✓ | 2 | ✓ | ✓ | ✓ | ✓ | ✓ |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Gujarat Fluorochemicals Ltd. reported revenue of ₹1,225 cr (+8.1% on the year) and net profit of ₹191 cr (+89.1% on the year) for January to March 2025.
Profit before other income, exceptional items and tax moved +55.3% on the year, against +89.1% for reported profit.
2 checks raised a question: A lower tax rate lifted profit. Is the lower rate going to last?
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