Delhi, August 16, 2024: GOCL Corporation Limited, a Hinduja Group Company, announced its Q1 results for the fiscal year 2024-25. The company recorded an increase in its consolidated revenue by 14% to ₹ 294 crore from ₹ 259 cr in the same quarter last year. The company reported a 200% growth in PAT to ₹ 36 crores as against ₹ 12 crores in the same quarter last year.
Amid rising raw material costs, inflationary pressures, and per unit revenue moderation affecting this quarter's financial performance, GOCL continues on course of its growth pursuit.
Segment-wise performance highlights are as under:
ENERGETICS AND EXPLOSIVES
The Q1 income of Energetics is ₹ 17 crores. The wholly-owned subsidiary, IDL Explosives Limited (IDLEL), reported quarterly income of ₹ 163 crores and profit after tax of ₹ 3 crores.
Export sales were impacted by delays in obtaining regulatory approvals and a shortage of foreign currency in many African countries. Currently, the order book stands at approximately ₹ 670 crores for Energetics and Explosives products in the domestic market and about ₹ 35 crores for export markets. We continue to strive to attract new customers and secure repeat orders from existing clients.
REAL ESTATE
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.
Pursuant to the board approval, the Company has entered into a MoU dated March 27, 2024, with Squarespace Builders Private Limited, Hyderabad for the sale of Scheduled Property of 264.50 acres of land situated at Kukatpally, Hyderabad. During the quarter ended June 30, 2024, the Company has concluded the sale of 12.50 acres of land for a consideration of ₹ 113 crores. The income and the resulting profit have been accounted for during this period.
NEW FOCUS AREAS
The company is committed to expanding its electronics business and has relocated its manufacturing facility to a dedicated location with ample scope of expansion in facilities. It also continues its cutting-edge work in space and defence applications.
OVERSEAS INVESTMENTS
The company, through its overseas subsidiary HGHL, made an investment of USD 24 million in 57 Whitehall Investment SARL, Luxembourg. This investment has been utilized to develop the historical Old War Office (OWO) project located in central London, converting the project into a super luxury hotel and luxurious residential apartments under the iconic Raffles brand. 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.
GUARANTEE INCOME
The company is receiving a guarantee commission from its wholly-owned subsidiary, HGHL Holdings Ltd. in the UK, and Hinduja National Power Corporation Limited, a non-related party, amounting to Rs 8 crores during the quarter.
EXTENSIVE REVIEW OF THE BUSINESSES
The Company has informed the Stock Exchanges that its Board of Directors at its Meeting held today:
a) Extensively reviewed the current business of the Company and its subsidiaries, and their future potential with reference to future growth trajectory. Additionally, the impact of ESG requirements was reviewed.
b) With a view to examine the facts in detail, the Board has authorized the Management to review, with the assistance of consultants / advisors wherever required, current businesses of the Company and its subsidiaries and recommend steps for enhancing shareholders’ value. Such review could result in changes in the Company’s corporate structure and initiation of restructuring, discontinuation, mergers, acquisitions, disposals, divestments where ever required.
c) Constituted a Committee of Directors to review the Management’s proposals in this regard and make its recommendation to the Board accordingly.
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