GOCL Corp reports 19% rise in consolidated net profit, to pay 100% dividend
Hinduja group company GOCL Corporation, formerly known as Gulf Oil Corporation, has reported a 19% increase in consolidated net profit at Rs 40.57 crore, while its consolidated revenue grew by 7% at Rs 593 crore during the fiscal ended March 2019.
For the fourth quarter ended March, GOCL Corporation reported Rs 13.95 crore of consolidated net profit, an increase of 37% over corresponding quarter of previous fiscal, on a consolidated revenue of Rs 154 crore, a growth of 7.6%.
In a statement, the company attributed the growth to improved sales in energetics, bulk and cartridge explosives, apart from its realty project commencing lease income.
At a board meeting held on Friday, the GOCL Corporation confirmed a final dividend of 100% for the fiscal compared to 80% in the previous fiscal.
The energetics and explosives division reported Rs 98 crore of annual turnover, up from Rs 92 crore a year ago. The company expects the new products developed in R&D during the year to contribute to business volumes in the years to come.
The wholly owned subsidiary IDL Explosives reported a growth of 11% in net sales at Rs 457 crore and 41% growth in profit before tax at Rs 30.47 crore. It currently has Rs 431 crore worth orders on hand from domestic and export customers with more orders under finalisation.
Under its realty division, the company reported revenues of Rs 1.55 crore, an increase of 68%, while the profit before tax stood at Rs 1.13 crore, a growth of 244%.
The company said it undertook several actions to take advantage of the growing infrastructure of the Yelahanka area in North Bangalore. The company is developing mixed-use commercial project Ecopolis under joint development with Hinduja Realty Ventures. Located in the growth corridor of North Bangalore, the techpark project, coming up over 38.15 acres of land, comprises of special economic zone and commercial office space to be constructed in phases.
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