Mumbai, August 14, 2023: GOCL Corporation Limited, a Hinduja Group Company, announced its Q1 financial results for the fiscal year 2023-24. Despite market headwinds, the company has effectively managed its performance, showcasing its ability to adapt and implement strategic measures. The company reported a consolidated revenue of INR 259 crores and PAT of INR 12 crores.
With unprecedented market dynamics, escalating raw material costs, and inflationary pressures influencing the overall financial performance of the quarter. GOCL remains dedicated to expanding its portfolio through continuous product strategy innovation and an unwavering commitment to customer-centric values, all geared towards long-term growth.
Commenting on the quarter’s outcome, Mr. Pankaj Kumar, MD & CEO of GOCL Corporation Limited, remarked, “The fluctuations of this quarter underscore the dynamic nature of our business landscape. Rather than being discouraged by these results, we’re motivated to refine our strategies and adjust as needed. We have embarked on a host of initiatives to align our various business functions toward a unified and shared objective. These efforts are aimed at streamlining processes, enhancing collaboration, and collectively driving the company’s long-term success. Our dedication to innovation, customer-centered principles, and sustained growth remains steadfast.”
Segment-wise performance and highlights are as under:
ENERGETICS AND EXPLOSIVES
The income of Energetics for the quarter stood at INR 35 Crores.
The wholly-owned subsidiary, IDL Explosives Limited (IDLEL) quarterly income at INR 171 Crores.
The Company along with IDLEL has orders in hand of INR 551 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.
With respect to the Ecopolis project at Bengaluru where a commercial space of 14.54 lac sft is in place, the Company is exploring alternate ways of generating income from the property.
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 through its overseas subsidiary HGHL had made an investment of USD 24 million in 57 Whitehall Investment SARL, Luxembourg for the development of historical Old War Office (OWO) project located in central London, to convert the project into a 5 star hotel and luxurious residential apartments. The Hotel project is likely to be completed in Q2 FY 24 while more than 50 % of the residential apartments have been sold.
The company expects, HGHL to get significant returns on their investment, over and above the capital invested, on completion of the project from the operations of the Hotel and sale of luxurious residential apartments.
The Company has got Guarantee Commission from its wholly-owned subsidiary, HGHL Holdings Ltd. in UK, and Hinduja National Power Corporation Limited, a non-related party of INR. 8.4 crores in Q1 FY24.
The Company has a healthy order book of INR 551 crores for the next 2 years. Safety, innovative products, process automation and cost reduction continue to be focus areas. We are also on track with our ongoing transition from electric to electronic detonators, in line with the government recommendations.