GOCL Corporation Limited, a Hinduja Group Company, has reported a Q2 Consolidated Income of Rs. 119 crores. The net profit for Q2 was Rs. 5.06 crores.
On standalone basis, the total income for Q2 was Rs. 29.88 crores as compared to Rs. 25.78 crores in the corresponding quarter of the previous year. However, the profit for the Q2 was lower at Rs. 0.45 crores, mainly on account of lower product prices through tenders.
Division wise performance and highlights are as under:
ENERGETICS AND EXPLOSIVES
In Q2, the Energetics Division ended with a turnover of Rs. 25.74 crores as against Rs. 20.05 crores, registering a growth of 28%, on account of increase in volumes of domestic and export sales.
Production of initiation systems consisting of detonators and cords were increased to cater to market requirements.
The wholly owned subsidiary, IDL Explosives Limited ( IDLEL ), reported Sales of Rs.94.70 crores as compared to Rs. 86.05 crores in the same quarter of the previous year, registering a QoQ increase of 10% across all bulk explosives and packaged explosives manufactured by the subsidiary. The Profit After Tax of IDEL for the quarter was better at Rs. 2.35 crores against Rs. 2.19 crores in the same quarter of the previous year.
Coal India and Singareni Collieries had negative growth in coal production which is reflected in the lower sales to them. However, with the Governments increased focus on infrastructure and highways development, IDLEL has increased its turnover in this sector in the quarter.
Currently, the Company along with IDLEL has Rs. 426 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 4 more locations by 59,600 tonnes of bulk explosives, which are being operationalised.
Ecopolis at Bengaluru
'Ecopolis' mixed-use commercial project, is a joint development project of the Company with Hinduja Realty Ventures Ltd. Project is located in the growth corridor of Bangalore, North Bangalore. The 38.15 acres techpark comprises of SEZ and commercial office space, which will be constructed in phases.
Two phases of the project have been completed. The Phase 1 consisting of built up area of 14.54 lakhs sqft and saleable area of 7.64 lakhs sqft excluding MLCP has been completed. 73465 sqft. has already been occupied since October 2018. Phase 2 consisting of constructed area of 10.06 lakhs sqft and saleable area of 7.34 lakhs sqft will be ready for fit out in Q4 2019. In the meantime, construction of the 66/11 KV electric sub-station for the park is in full swing and will be completed in Q4 2019. The cafeteria and tea point along with ATM is already functional.
Integrated Township Project @ Kukatpally, Hyderabad
The redesigned Master plan for the Phase-1 development of 100-acre integrated mixed use township is in the final stages. Also the Developer is in parallel, working with the statutory bodies for the approval process. This 100 acre integrated mixed use township would comprise of IT / ITeS office space, retail, educational institution, hotel, hospital and residential apartments. The land parcel is strategically located in Kukatpally which is very easily accessible to CBD locations ( Jubilee Hill ), to the developed IT/ITEs hubs ( Hitec City and Gachibowli ) and NH ( Mumbai Highway ) with large IT work force residing in the nearby localities.
Some of the approvals have already been received.
INVESTMENT IN HOUGHTON INTERNATIONAL INC.
Following the combination of Houghton International Inc with Quaker Chemicals to form Quaker Houghton, the Company is a beneficial holder of 427,395 shares of common stock and an adjusted cash consideration of USD 12.2 million. Of this, an escrow amount of around USD 3.2 million has been made. The attributable investment value for the Company as at September 30, 2019 is INR 566 crores.
Shares of GOCL Corporation Ltd was last trading in BSE at Rs.291.55 as compared to the previous close of Rs. 287. The total number of shares traded during the day was 4875 in over 285 trades.
The stock hit an intraday high of Rs. 293.6 and intraday low of 277. The net turnover during the day was Rs. 1399209.