GOCL Corporation Limited, a Hinduja Group Company, on Thursday reported a remarkable growth in financial performance in Q2FY23 registering a growth of 118 per cent increase in Consolidated Income at Rs. 319 crores against Rs. 146 crores in the corresponding period in the previous year despite inflationary cost of raw material.
The Energetics Division has set a new benchmark with quarterly income of Rs.39 crores during the Q2 of F23, registering an exponential growth of 86 per cent compared to the corresponding quarter of the previous year, Hyderabad-based company said in a statement here.
Significant increase in exports sales; and increased sales of value-added products, non-electric detonators and boosters has contributed to the growth of the Division during the quarter.
The wholly-owned subsidiary, IDL Explosives Limited (IDLEL) has reported a growth of 54 per cent in the quarterly income of Rs.165 crores as compared to Rs.107 crores during Q2 of the previous year.
While referring to the reality sector, the Company sees a big opportunity in the growing and lucrative realty sector, and is planning to monetize its large land bank at Bangalore and Kukatpally.
At Kukatpally, the Company has concluded the sale of 12.25 acres of land for a consideration of Rs.125 crores during the Q2. This is in addition to 32 acres of land for a consideration of 327 Crores. The income and the resulting profit have been accounted for during this quarter.
The Company through its overseas subsidiary HGHL had made an investment of USD 24 million in 57 Whitehall Investment SARL, Luxembourg. This investment is utilised to develop the historical Old War Office (OWO) property located in central London, into luxurious hotel and residential apartments. This project will be a part of the iconic Raffles brand which is one of the top 10 hotel brands in 2022.
The OWO project is expected to be completed by March 2023.
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. 30 crores per annum.
In this quarter, we have accrued income of Rs.8.76 crores on this account, the statement said.
The Company is booked for Rs.1040 crores for the next two years.
