Monday, Jun 17 2024 | Time 09:36 Hrs(IST)
image
Business Economy


GOCL Q4FY24 consolidated net profit posted at Rs 5 crore

Hyderabad, May 23 (UNI) GOCL Corporation Limited (GOCL) today announced its financial results for the fourth quarter (Q4) and the fiscal year ending March 31, 2024.
Amid extraordinary market fluctuations, rising raw material costs, and inflationary pressures affecting the financial performance, GOCL Corporation Limited (GOCL) remained resilient.
GOCL reported a consolidated net profit of Rs 5 crore for the fourth quarter ended March 31, 2024 and achieved an income of Rs 237 crore during the period.
For the fiscal year 2024, income stood at Rs 949 crore and net profit after tax registered at Rs 48 crore, the company said in a release here.
While the results reflect a challenging period for the company, GOCL remains committed to its strategic initiatives aimed at enhancing operational efficiencies and driving future growth.
Segment-wise performance, the company said that its annual income from Energetics was Rs 113 crores, and the Q4 income stood at Rs 29 crores.
During the year, the Energetics Division continued its focus and substantially increased the production of value-added products, non-electric detonators, and boosters.
The wholly-owned subsidiary, IDL Explosives Limited (IDLEL), reported quarterly income of Rs 164 crores and annual income of Rs 625 crores.
In the real estate segment, the company is strategically exploring opportunities to unlock the value of its land holdings in prime locations such as Bangalore and Bhiwandi . For the Ecopolis project in Bengaluru, which currently has 14.54 lakh square feet of commercial space, the company is actively seeking ways to generate income. Recognizing the increasing demand for modern warehousing solutions in Mumbai, the organization is poised to develop state-of-the-art infrastructure on its land in Bhiwandi.
The company has expanded its presence by intensifying its commitment to emerging sectors, including electronics manufacturing and cutting-edge products for space and defense applications. Our portfolio encompasses canopy severance systems, pyro components, explosives train (special projects), and metal cladding.
The company, through its overseas subsidiary HGHL, made an investment of USD 24 million in 57 Whitehall Investment SARL, Luxembourg. The company expects HGHL to achieve significant returns on their investment, over and above the capital invested, upon completion of the project from the operations of the hotel and the sale of luxurious residential apartments.
The company is receiving a guarantee commission from its wholly-owned subsidiary, HGHL Holdings Ltd (HGHL). in the UK, and Hinduja National Power Corporation Limited, a non-related party, amounting to Rs 16 crores per annum.
In this financial year, the company have accrued income of Rs 34 crores on this account, the release added.
UNI KNR GNK
More News

Muthoot Exim launches 2nd Gold point centre in Telangana

15 Jun 2024 | 9:56 PM

Hyderabad, June 15 (UNI) Muthoot Exim (P) Ltd., the precious metal arm of business conglomerate Muthoot Pappachan Group (also known as Muthoot Blue), on Saturday announced it has launched its Gold Point Centre in Hyderabad, making it the second such facility in the state of Telangana.

see more..

SiCSem to establish SiC process fabrication & ATMP plant in Odisha

15 Jun 2024 | 6:38 PM

Bhubaneswar, June 15 (UNI) SiCSem Private Limited is contemplating to establish a SiC process fabrication and ATMP plant in Odisha.

see more..

Kottayam-Kochi Rubber Market rates steady

15 Jun 2024 | 5:55 PM

Kottayam, Jun 14 (UNI) Following were the Rubber Market rates per quintal announced by the Rubber Board here on Saturday.

see more..

PedalStart brings together leading angels; to help startups to invest

15 Jun 2024 | 2:09 PM

New Delhi, June 15 (UNI) Startup founders’ community cum accelerator PedalStart recently hosted its flagship initiative – ‘Builders’ Mixer’, which successfully brought together builders and enablers of the nation’s startup ecosystem under one roof, a move that would offer investment opportunities to select startups.

see more..
Repeal of Art 370 spurs Rs 81k Cr investment proposals in J&K: Hina Bhat

Repeal of Art 370 spurs Rs 81k Cr investment proposals in J&K: Hina Bhat

14 Jun 2024 | 11:04 PM

Jammu, June 14 (UNI) With the Introduction of New Industrial Development Scheme and post abrogation of Article 370, the Union Territory of Jammu and Kashmir has received Investment proposal worth Rs 81 thousand Crore, stated Chairperson J&K Khadi and Village industry Board Dr. Hina Shafi Bhat.

see more..
image