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GOCL Corporation Limited
Media GOCL Consolidated Turnover Rs. 112.66 crores and PBT of Rs. 13.08 Crores

GOCL Consolidated Turnover Rs. 112.66 crores and PBT of Rs. 13.08 Crores

08-Nov-2016

Highlights
  • GOCL Consolidated Turnover Rs. 112.66 crores and PBT of Rs. 13.08 Crores

Mumbai, November 8, 2016: GOCL Corporation Ltd., a Hinduja Group Company, has reported a consolidated turnover Rs. 112.66 crores ( Rs. 126.54 crores ) and an Operating Profit of Rs. 4.98 crores ( Rs. 6.78 crores). The Profit after Tax was Rs. 9.05 crores. The Standalone Turnover was Rs. 19.47 crores ( Rs. 27.01 crores ), and Profit After Tax of Rs.5.30 crores ( Rs. 5.73 crores ).

Division wise performance and highlights are as under:

ENERGETICS DIVISION AT HYDERABAD


Overall sales have increased by 10% to Rs. 16 crores. This was mainly on account of better domestic sales of detonators, cartridge products and detonating fuse.

IDLEL achieved a turnover of Rs. 199 crores for half-year ended, an increase of 8%, and PBT of Rs.12 crores, an increase of 141% over the previous half-year.

Despite higher rainfall during Q2 which adversely affected explosives and energetic sales in opencast mines and dealer segment, sale of GOCL and IDLEL products have shown growth.

Domestic sales of IDL Explosives Limited, a major wholly owned subsidiary, showed a growth of 8% to Rs. 199 crores. This was due to higher volume of bulk explosive deliveries to Coal India Limited, Singareni Colleries Limited and other large consumers.

MINING AND INFRASTRUCTURE DIVISION


The Mining and Infrastructure Division achieved an income of Rs 2.06 crores in this Q2 as against Rs. 3.49 crores in Q1 of this year.

The Mining contract with Tata Steel is successfully concluded.

REALTY DIVISION


Ecopolis at Bengaluru

Block 3 with a separate building for multi-level car parking along with the approach road and immediate landscaping is now completed and our marketing group is being approached by many Multi-national and Indian Companies directly or through International Property Consultants who have shown interest to set up offices in Ecopolis. Landscaping development work for the central green area is in progress. However, in view of the fact that the residential developments and complementing Social Infrastructure nearer to our property in North Bengaluru are in the development stage and expected which would be ready in the next 12 months or so, the potential clients are delaying their commitment.

Currently office space is available in certain pockets and we expect that these areas with better social infrastructure will be exhausted and focus on North Bangalore should start post the US elections.

Construction of Block 2 comprising of 10.06 Lakh sq.ft. is completion and full works upto the 9th floor with 3 basements have been completed. Contracts for purchase, installation and commissioning of mechanical, electrical and plumbing works are currently being finalized.

Infrastructure development works like Entrance Gate and Internal approach road leading upto the completed & under-construction Blocks have already been completed. Landscape development work for the development of the Central Green area is in progress.

Approvals for start of construction of Block 4 comprising of 6.34 lacs sq. ft. are being obtained. Construction work will commence shortly.

Kukatpally at Hyderabad

More positive signs of improvement of the Hyderabad market are now visible. We are awaiting the approval of the Master Plan for the entire 100 acres submitted for approval. Building plans for the first phase of development are being finalized. Construction will be taken up on obtaining all the required statutory approvals in a phase wise manner in line with market absorption trends.

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

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

Mrs. R. Chaudhry, Chief Manager, MDs Secretariat, GOCL Corporation Limited, Hyderabad at 040 23700750, Mobile : +91 9849052064.

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