Hyderabad, May 30 (UNI) GOCL Corporation Limited, a Hinduja Group Company, on Tuesday reported an impressive performance by jumping 126 percent in consolidated revenue to Rs 1410 crore for the year ended March 31,2023 as against Rs 623 crores last year.

The company reported a 20 percent growth in profit to Rs 211 crores as against Rs 176 crores in the last year.

Consolidated revenue for Q4 FY 23 increased by 85 per cent to Rs 302 crores, as compared to Rs 163 crores during the corresponding period in the previous year, Hyderabad-based company said in a release here.

The Board has recommended a dividend of Rs 5 per share (250 percent) for the financial year 2022-23.

In addition, considering the monetisation of land a special dividend of Rs 5 per share (250%) is being declared. The total cash outgo on this account will be 50 crore.

Commenting on the performance, GOCL Managing Director and CEO, Mr. Pankaj Kumar, said - “Despite challenging market conditions, including rising raw material prices and inflationary pressures, we have expanded our portfolio and have maintained the growth momentum. We remain steadfast in our pursuit of excellence and are determined to seize new opportunities”.

Highlighting division-wise performance, it said that the annual income of Energetic division grew 41 per cent to Rs 171 Crores in FY 23 against of Rs 121 Crores in FY 22. During the year, the Energetics Division continued its focus and increased the production substantially for value-added products, non-electric detonators and boosters.

The wholly-owned subsidiary, IDL Explosives Limited (IDLEL) also reported a staggering growth of 91 percent for the quarterly income of Rs 206 crores as compared to Rs 108 crores during Q4 of the previous year; and annual income increased by 96 per cent and stood at Rs 785 crores in FY 23 against of Rs 400 Crores in FY 22.

In realty sector, the company is planning to monetize its large land bank at Bangalore, Kukatpally and Bhiwandi.

At Kukatpally, the Company has completed sale of 44 acres of land for a consideration of 451 Crores and the sale consideration is deployed profitably.

With respect to the Ecopolis project at Bengaluru where a commercial space of 14.54 lac sft is in place, the Company is exploring alternate ways of generating income from the property.

In line with the growing demand for warehouses in Mumbai, the organization is looking to develop state-of-the-art infrastructure on the company owned land in Bhiwandi.

The company through its overseas subsidiary HGHL had made an investment of USD 24 million in 57 Whitehall Investment SARL, Luxembourg. This investment is utilized to develop the historical Old War Office (OWO) project located in central London, to convert the project into a super luxury hotel and luxurious residential apartments. This project will be a part of the iconic Raffles brand which is the top 10 hotel brands in 2022.

The OWO project is expected to be completed in the 2nd Quarter of FY-24.

The Company is getting Guarantee Commission from its wholly-owned subsidiary, HGHL Holdings Ltd. in UK, and Hinduja National Power Corporation Limited, a non-related party of Rs. 16 crores per annum.

In this financial year, we have accrued income of Rs. 34 crores on this account.

Courtesy: UNI, News Patrolling