GOCL Corporation Limited has posted a profit of ₹24.90 crore for the third quarter ended December 31, 2019 as against ₹12.68 crore for the corresponding quarter on a consolidated basis.

A Hinduja Group company, GOCL reported a lower Q3 consolidated income of ₹143.86 crore, including dividend received by its wholly-owned subsidiary, as against ₹160.30 crore, in the corresponding quarter last year.

The company’s Energetics Division had a turnover of ₹23.79 crore in Q3 as against ₹24.53 crore, mainly due to decline of market prices in line with tender prices of CIL. However, production volumes for detonators increased by 21.51 per cent and cords by 98 per cent in Q3.

Its wholly-owned subsidiary, IDL Explosives Limited (IDLEL), reported sales of ₹101.61crore as against ₹125.78 crore in the same quarter of the previous year.

Order book swells

During the period under review, IDLEL received a two-year order for bulk explosives worth ₹375 crore from Coal India Limited. Orders have also been received from UCIL, NTPC and NMDC.

GOCL, along with IDLEL, has ₹570-crore worth of orders on hand from domestic and export customers.

HGHL Holdings Limited (HGHL), the Company’s wholly-owned subsidiary based in the UK, has received dividends of $3 million out of the said Quaker Houghton proceeds in the last two quarters.

With the previous loan of $300 million being fully repaid, HGHL is availing of another $150 million to pursue one more opportunity. The loan will be guaranteed by Gulf Oil International and the collateral in the form of mortgage of a portion of the lands at Hyderabad by GOCL.

Related Topics
comment COMMENT NOW