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Business Economy

GOCL net profit jumps to Rs 176 cr in FY22

Hyderabad, May 27 (UNI) GOCL Corporation Limited, a Hinduja Group Company, on Friday reported an increase in consolidated net profit for the financial year 2021-22 to Rs 176 crore as compared to Rs 79 crores in last year.
The company’s consolidated income during the financial year increased 12 percent to Rs Rs 623 crore as against Rs. 557 crores during the previous year, Hyderabad-based GOCL said in a release here.
GOCL registers resilient growth and strong performance, achieving double-digit growth in income despite the Covid-19 third wave impact and unprecedented inflationary cost of raw materials.
The Consolidated Income for Q4 in FY 22 was Rs.163 crores, as compared to Rs. 150 crores during Q4 of the previous year, an increase of 9 percent while the PAT for the current quarter was Rs.143 crores.
The Board has recommended a Final Dividend of Rs. 3 per share (150%) for FY 2021-22, making the total dividend for FY 21-22 to 250 percent.
Commenting on the performance, Mr Pankaj Kumar, CEO of GOCL Corp. Ltd, said, the industry has witnessed an upsurge in raw material prices, and inflation causing supply-side pressures and project delays. We are constantly working towards expanding our portfolio to deliver more to the customer, witnessing the upward trend in input cost. A focused approach has been optimized to ensure margins and growth are intact.
In the Energetics segment, the annual income grew 26 percent to Rs 121 Crores in FY 2021-22 against of Rs 96 Crores in the previous year, however the Q4 Income of Energetics stood at Rs. 29 crores as compared to Rs. 36 crore in Q4 of the previous year.
During the year, the Energetics Division continued its focus and increased the production substantially for value-added products, non-electric detonators and boosters.
The wholly-owned subsidiary, IDL Explosives Limited (IDLEL) also reported a staggering growth of 25 per cent for the quarterly income of Rs. 108 crores as compared to Rs. 86 crores during Q4 FY21 and annual income increased by 16 percent and stood at Rs.400 crores in FY 2021-22 against of Rs.344 Crores in FY 2020-21.
Even in the face of Covid 19 pandemic, the Company achieved a phenomenal growth of 17 percent in export sales on annual basis.
The Company along with IDLEL has orders in hand of Rs. 1300 crores to be executed over the next two years.
The Company sees a big opportunity in the growing and lucrative realty sector, and is planning to monetize its large land bank at Bangalore, Kukatpally and Bhiwandi.
At Kukatpally, the Company had entered into an agreement of sale of 44 acres 0f land for a consideration of 451 Crores. This sale is likely to be concluded with registration of the land soon, and the company will book profits accordingly in Q1.
With respect to the Ecopolis project at Bangalore, the company is witnessing high demand, specifically for office space from MNCs.
The company is hopeful to conclude a deal at the earliest.
In line with the growing demand for warehouses in Mumbai, the organization is looking to develop state-of-the-art infrastructure on the company owned land in Bhiwandi.
The Company is getting Guarantee Commission from its wholly-owned subsidiary, HGHL Holdings Ltd. in UK, and Hinduja National Power Corporation Limited, a non-related party of Rs. 30 crores per annum. In this financial year, we have accrued income of Rs. 31 crores on this account.
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