GOCL Corporation Ltd (formerly Gulf Oil Corporation Ltd), a Hinduja Group Company, posted a lower net profit of ₹5.72 crore for the second quarter ended September 30, 2015 as against a net profit of ₹10.13 crore for the corresponding quarter last year.
The company reported a standalone revenue of ₹26 crore in Q2 (against ₹25 crore).
The wholly owned subsidiary of the company, IDL Explosives Ltd, reported a turnover of ₹184 crore, an increase of 31 per cent for H1 over the previous year.
The Energetics Division continued its focus on value-added products/segments such as electronic, non-electric initiating devices and defence products to compensate for the drop in revenue from the low-end trade segment. The sales during the quarter were lower at ₹15 crore, as against ₹20 crore in the previous year. Exports during the quarter showed improvement in spite of bottlenecks at the port.
The company and its 100 per cent subsidiary have received large orders from Coal India Ltd. In the recent tenders valid for two years, the company received orders worth ₹31 crore and its 100 per cent subsidiary received orders worth of ₹406 crore.
The turnover of the mining and infrastructure division increased to ₹6.4 crore in Q2 (₹5.8 crore). The mining contract with Tata Steel and the construction contracts at Bangalore and Visakhapatnam are under execution, the company said.