GOCL Corporation Q2 FY 21-22 income up by 10% to Rs 146cr

GOCL Corporation Limited has reported a 10% increase in its consolidated income for the second quarter of the financial year 2021–22 (Q2 FY 21-22) at INR 146 crores, compared to INR 132 crores during the same period of the previous year.

The chemicals business of the Hinduja Group said that its turnover for the first half of FY 21-22 grew 17% year-on-year to INR 321 crores compared to INR 274 crores in the first half of FY 21-22.

The profit after tax (PAT) for the reported first half was INR 26 crores, compared to INR 36 crores last year. The decrease in profit was primarily driven by an increase of 40% in the rates of Ammonium nitrate, which is the main raw material for explosives.

Last month, GOCL Corporation’s subsidiary — IDL Explosives Limited (IDLEL) had won an order worth INR 592.45 crores for bulk explosives from Coal India Limited.