Companies

GOCL Corp posts ₹17-crore net profit in Q2

Our Bureau Hyderabad | Updated on November 12, 2020

Declares 200% special interim dividend

GOCL Corporation Limited, a Hinduja Group Company, has reported a consolidated profit of ₹17.47 crore and income of ₹132 crore for the second quarter ended September 30, 2020.

The company had registered a profit of ₹5.06 crore and income of ₹119.28 crore in the corresponding quarter last year.

It had a consolidated profit of ₹35.60 crore and income of ₹274 crore for the first half of this fiscal.

The company has declared a special interim dividend of 200 per cent on ₹2 per share at ₹4.

HGHL Holdings Limited, the company’s wholly-owned subsidiary based in the UK, which held a beneficial interest of 427,395 common stock of Quaker Chemical Corp. (Quaker) and an adjusted cash consideration of $12.2 million, has received dividends of $7.5 million out of the said Quaker Houghton proceeds.

HGHL at the end of September 2020 divested a beneficial interest equivalent of 200,000 common stock of Quaker Chemical Corp in USA for a consideration of $38 million (₹281 crore) and realised the gain.

In the Q2, the company registered a standalone income of ₹35 crore and net profit of ₹4.68 crore.

The improvement in profitability of operations has been due to of more efficient manufacturing operations, metal cladding services as well as commission earned on Guarantees/Collateral Security given to the wholly owned subsidiary HGHL Limited and for working capital requirement of Hinduja National Power Corporation Limited, a non-related party.

Published on November 12, 2020

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