GOCL Corporation Q2 Results: Net Income Stood at Rs 223 Cr With A PAT of Rs 16 Cr

GOCL Corporation Limited, a Hinduja Group Company, announced its Q2 financial results for the fiscal year 2023-24. On a standalone basis, the company reported revenue from operations of Rs 30.78 Cr during Q2FY24 compared to Rs 38.83 Cr in the year-ago quarter. The company said its net income stood at Rs 51.11 Cr during the quarter under review as against Rs 135.52 Cr in the same quarter of the previous fiscal.

The company said its standalone net profit reached Rs 15.83 Cr during Q2FY24 compared to Rs 61.20 Cr in Q2FY23.
On a consolidated basis, the company said its net income reached Rs 223 Cr in Q2FY24 as against Rs 318 Cr in Q2Y23. GOCL Corporation said its consolidated net profit stood at Rs 15.71 Cr during the quarter under review compared to Rs 40.37 Cr in the year-ago quarter.

GOCL is unwavering in its goal of expansion despite significant market fluctuations, elevated costs for raw materials, and inflationary pressures that affect the financial results for this quarter.

Mr. Pankaj Kumar, MD & CEO of GOCL Corporation Limited, remarked, "Amidst persistent economic headwinds this quarter, we've not only sustained our performance momentum but also embraced the opportunities within. The recent implementation of strategic initiatives is poised to yield positive results in the long run.

Our unwavering participation in national missions, such as our involvement in Chandrayaan, serves as a powerful testament to the quality of our products and technologies. We remain steadfastly committed to achieving such milestones, and with our customer-centric approach, innovative solutions, and unwavering dedication, we are poised for enduring success."

In Q2 FY24, the company got INR 8.26 crores in Guarantee Commission from its non-related party, Hinduja National Power Corporation Limited, and its wholly-owned subsidiary, HGHL Holdings Ltd. in the UK. For the next two years, the company has a robust order book of INR 1100 crores.

"Safety, innovative products, process automation and cost reduction continue to be focus areas. We are also on track with our ongoing transition from electric to electronic detonators, in line with the government recommendations," said the company in a stock exchange filing.

After poor Q2 results, the shares of GOCL Corporation were trading 7% lower at Rs 563 apiece on BSE on Wednesday.