GHCL announces Q1 FY24 Results.
GHCL, India’s leading Chemical Company, today announced its financial results for Q1 FY24.
Commenting on the financial performance, Mr. R S Jalan, Managing Director, GHCL said “We began FY24 with a resilient performance despite challenging market conditions aggravated by higher-than-expected imports of Soda Ash from Russia, Turkey and US. Additionally, this quarter witnessed subdued demand from various domestic end user segments. However, we are optimistic about the long-term, especially due to an anticipated growth in demand from environment-related sectors such as solar glass, lithium carbonate, and sodium bicarbonate for flue gas treatment. As we continue our focus on growth through continuous improvement, customer delight, innovation and operational excellence, our strategic expansions and commitment to sustainable business practices will ensure value creation for our stakeholders going forward”.
Financial Performance (Standalone performance)
Q1 FY24 VS Q1 FY23
· Net Revenue declined by 11% during Q1 FY24 to Rs. 1029 crores as compared to Rs. 1153 crores in the corresponding quarter of previous year
· EBIDTA declined by 15% to Rs. 310 crores as compared to Rs. 364 crores in the Q1 FY23
· Net Profit excluding exceptional gain fell by16% to Rs. 207 crores as compared to Rs. 246 crores in the Q1 FY23
· An exceptional gain of Rs 219 Cr arising from the accounting treatment as per the scheme of demerger for the Textile business
· Net Profit including this exceptional gain grew by38% to Rs. 426 crores as compared to Rs. 310 crores in the Q1 FY23