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GOCL Corporation Limited
Media Q1 Consolidated Net Profit increases by 11% to Rs.7.95 crores

Q1 Consolidated Net Profit increases by 11% to Rs.7.95 crores

10-Aug-2018

Highlights
  • Q1 Consolidated Net Profit increases by 11% to Rs.7.95 crores
  • Q1 Consolidated Income of Rs. 150 crores

Mumbai, August 10, 2018: GOCL Corporation Limited, a Hinduja Group Company, has reported for Q1 a Consolidated Income of Rs.150 crores, an increase of 3% over the corresponding quarter previous year. Turnover increased by 17% to Rs. 133 crores.

The net profit for Q1 increased from Rs. 7.16 crores to Rs. 7.95 crores, registering a growth of 11% over previous year.


On a standalone basis, total income for Q1 increased by 22% from Rs. 26.72 crores to Rs. 32.57 crores. The Standalone profit for the Q1 was Rs. 3.20 crores as against Rs 4.03 cores in the previous year. Although operational profit for Q1 has improved, there was no revenue from sale of old mining equipment as in Q1 in the previous year.

Division wise performance and highlights are as under:

ENERGETICS AND EXPLOSIVES


In Q1, the Energetics Division recorded revenue of Rs. 26.91 crores as against Rs.18.96 crores an increase of 41%. The segment profit of Rs. 3.38 crores was 40% higher than previous year. The increased revenue and segment profit was on account of increased export and better product mix consisting of non-electric detonators, boosters, and detonating fuse.

Special Products for defence and space also contributed to the increase in business. During the quarter, export of energetic products increased by 125% over the previous year.

The wholly owned subsidiary, IDL Explosives Limited ( IDLEL ), reported Sales of Rs. 111 crores as compared to Rs. 100 crores in the same quarter of the previous year, registering a QoQ increase of 11% across all bulk explosives and packaged explosives manufactured by the Subsidiary.

The Profit Before Tax for the quarter was Rs. 7.07 crores as against Rs. 2.92 crores in the same quarter of the previous year, recording an increase of 142%.

Currently, the Company along with IDLEL has Rs. 704 crores worth of orders on hand from domestic and export customers, including a major order received recently from Singareni Colleries Company Limited, a Telangana State PSU.

Several projects for the upgradation and modification of processes and equipment for enhancing quality, productivity, along with safety and efficiency to deliver value added products and services are underway. During the quarter licenses have been received in IDLEL for enhancement of capacities at 3 locations by 22,500 tonnes of bulk explosives, which will be operationalised shortly.

REALTY DIVISION


Ecopolis at Bengaluru

'Ecopolis' is the Company's foray into real estate industry in association with Hinduja Realty Ventures Limited, the Developer. It is a mixed-use commercial development located in the growth corridor of North Bangalore. 2 buildings in the 38.15 acre techpark comprising of SEZ and commercial office space have been completed. The total leasable space in the completed buildings i.e., Block 3A and 3B, a certified LEED Gold rated building, is 7.64 lakh sft.

As announced recently, the first Lease Agreement has been signed with AXA Business Services Private Limited, one of the major leading multi-national insurance/financial companies for one full floor ( 73,465 sft ) in Block 3. The revenue stream will start after the fit out period from Q3 F 2019.

The second building, Block 2 is also pre-certified LEED Gold rated with a leasable space of 7.34 lakh sft ( constructed area of 1.06 million sft. ). Block 2 is under-construction and will be ready for fit-outs in Q4 F 2019. This building also has three levels of basement earmarked as parking to accommodate clients' parking requirement with ground floor and 10 upper floors.

We are pleased to announce that our Project 'Ecopolis', has been recognised and awarded the 'Best Construction Project' by the Construction Industry Development Council (CIDC), for engagement of new / innovative techniques, deployment of Green Technologies, Health, Safety & Environment measures adopted, engagement of quality manpower, engineering, management, skilled construction worker etc.

The Developer is closely working with real estate advisors and consultants, and have received client's sale / lease and built-to-suit requirements and are working towards a positive conclusion.

Integrated Township Project at Kukatpally, Hyderabad

The operations of the Hyderabad Metro which began in November 2017 now runs 72 kms across the city. The Metro coupled with the eight lane 158 kms Outer Ring Road has eased commute timings in the city. Several micro markets have developed over the last 2 / 3 years with relatively better priced properties and living zones close to the places of work.

As a result, the market absorption for residential and IT / ITES businesses have increased in several micro markets mainly Gachibowli, Madhapur, Cyberabad and Kukatpally. The growth of the IT / ITES sector has also resulted in the development of the organised retail sector in these areas.

Our project is located near the rapidly growing Cyberabad IT / ITeS and financial hubs. It is a 100 acre integrated mixed use township located in Kukatpally which is easily accessible to all the hotspots of the city. This township will comprise of IT / ITeS office space, and spaces for retail, education, hospitality, healthcare and residential apartments. The detailed master plan for Phase 1 has been submitted. In the interim, we have received approval from Airport Authority of India ( AAI ) for Phase 1 and have applied for the fire NOC from the State Fire Department.

For further information please visit www.goclcorp.com or contact:

Mr. A.Satyanarayana, Company Secretary, GOCL Corporation Limited at 040 23811442

Mrs. R. Chaudhry, Asst. General Manager - MDs Office, GOCL Corporation Limited, Hyderabad at 040 23700750.

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