Return to Glory

This must be the country’s corporate turnaround story of the year :Gujarat State Fertilisers and Chemicals Ltd(GSFC) the first joint-sector industries complex In India , set up by the Government of Gujarat in 1962 for manufacturing Fertilizers and industries chemical products a net loss of Rs 389 crore in 2002-3 Having suffered erosion of net worth to Rs 510 crore from Rs 1,507 crore in 1999-2000..In 2003-4 , according to the consolidated audited results , the company Posted a turnover of Rs 2,219.36 crore and made a net profit of Rs 176.32 crore.

Cost-cutting, Particularly , was seen as a holistic exercise for instance,Mr.Luke decided to have all processes computerized in order to improve efficiencies,Normally the exercise would have cost Rs 6-7 crore , but he managed to Get it done for just Rs35 lakh.

MR. LUKE
MD
(GSFC)Gujarat State Fertilisers and Chemicals Ltd