GOCL stock price soars by 20 per cent on impressive Q1 numbers
The shares of GOCL Corporation Limited, a Hinduja Group Company, climbed by 20 per cent on Thursday, hitting the upper circuit after the company posted encouraging results for the quarter ended June 2020.
On a consolidated quarterly front, the company reported a total income of Rs 141.93 crore in Q1Fy20, remaining largely stable from the numbers reported in the same period of the previous fiscal year despite the impact of the COVID-19 pandemic. The operating profit of the company surged by 123.19 per cent to Rs 36.33 crore in the June quarter, recording a growth of 123.19 per cent. The net profit for the same period was higher at Rs 18.13 crore as compared to Rs 5.86 crore in the Q1 of the previous year, showcasing an increase of 209.28 per cent.
The turnover of the Energetics division was reported at Rs 11.94 crore in Q1FY21, as compared to Rs 21.66 crore in turnover from the same period last year. The reduction in the Energetics turnover is mainly due to the disruption of operations in the months of April and May 2020 due to regulatory issues and the impact of COVID-19, affecting despatches. The focus on this division continued on value-added non-electric detonators, whose production increased.
The production of cement, iron ore, and other minerals has been severely impacted due to the lockdown. Moreover, the halting of supply chains and unavailability of labour has brought about a significant impact on the housing and infrastructure sectors with the closure of almost all projects.
The company, however, expects this impact of the pandemic induced lockdown should lessen with things moving in a positive direction in the second quarter. It expects a significant pick up in the last two quarters of the fiscal year.
The stock of GOCL Limited was locked at its upper circuit of 20 per cent and thereby trading was suspended at Rs 190.95 per share, up by 19.98 per cent or Rs 31.80 per share. The stock’s 52-week high is Rs 349.80 and the 52-week low is Rs 111 on BSE.