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Business EconomyPosted at: Aug 7 2019 10:47PM


GOCL net profit declines in Q1

Hyderabad, Aug 7 (UNI) GOCL Corporation Limited, a Hinduja Group Company, has reported a net profit after tax was Rs 5.86 crore for the quarter ended June 30, 2019 against Rs 7.94 crores in corresponding period in previous year, a statement here on Wednesday.
It posted a consolidated income of Rs 145 crores as compared to about Rs 149 crore in the same quarter in previous year.
The total income for Q1 was Rs. 26.84 crores as compared to Rs. 32.58 crores in the corresponding quarter of the previous year.
Accordingly, the profit for the Q1 was lower at Rs 1.02 crores.
The turnover and the profit were affected due to decrease in realisation and shift in product mix, the company claimed.
In Q1, the Energetics Division had a turnover of Rs 21.66 crores as against Rs 26.91 crores, affected by reduction in PSU tender prices and export realisation coupled with lower off take and lower market demand of certain products in the Quarter.
The wholly owned subsidiary, IDL Explosives Limited (IDLEL), reported sales of Rs 116 crores as compared to Rs 111 crores in the same quarter of the previous year, registering a QoQ increase of five per cent across all bulk explosives and packaged explosives manufactured by the subsidiary.
The Profit Before Tax of IDEL for the year was Rs 5.25 crores against Rs 7.07 crores in the same quarter of the previous year, due to increase in the cost of its main raw material and lower allocation in CIL subsidiaries as well as delay in start of MDO activity in several coal blocks.
Currently, the company along with IDLEL has Rs. 500 crores worth of orders on hand from domestic and export customers.
To cater to the increasing demand, licenses have been received in IDLEL for enhancement of capacities at four locations by 59,600 tonnes of bulk explosives, which were being operationalised.
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