Addressing the 39th Annual General Meeting of Gujarat Alkalies and Chemicals Limited (GACL), the Chairman Shri A.K. Joti, IAS announced an all time high sales of Rs.1863 crore, registering a growth of 19.35% in a challenging Financial Year 2011-12.
He mentioned the successful commissioning of 14,000 TPA Hydrogen Peroxide Expansion Project and 10.5 MW Wind Farm Project. 20,000 TPA Sodium Chlorate Project, which is scheduled for commissioning during first quarter of Financial Year 2013-14, 1,00,000 TPA Chloromethane Project and 2,00,000 TPA Caustic Soda Project in Joint Venture with National Aluminium Ltd (Nalco) are expected to be set up over next 2-3 years at Dahej, Gujarat. The Company is also developing technology for manufacturing of 8,000 TPA Hydrazine Hydrate Project in association with IICT.
Showing satisfaction over the achievement of all time high sales of Rs.1863 crore despite the competitive market conditions, he said the Company could achieve better price realization of Chlor-alkali group of products. Explaining how the Company registered growth in 2011-12 despite many challenges, he quoted the generation of Rs.399 crore as Gross Profit at the face of inflationary market conditions and pressures from escalating cost of raw materials. Total debts decreased to Rs.311 crore as on 31st March, 2012 from Rs.352 crore as on 31st March, 2011, despite the increase of External Commercial Borrowings which resulted into improvement of Debt Equity Ratio.
He further pointed out various other factors like the improvement in the Company's operating margin through cost control measures and consistent pricing review, achievement of 93% production level regardless of the volatile market and severe competition due to dumping of products in the country.
The Company registered Profit Before Tax of Rs.223 crore for the Financial Year 2011-12 as against Rs.127 crore in the previous year 2010-11 and Earning Per Share of Rs.20.92 as against Rs.15.56 in the previous year. Besides that, he is hopeful of better results in the current Financial Year as the turnover in the first quarter ended on 30th June, 2012 stands at Rs.438.51 and Profit Before Tax of Rs.81.02 crore.
He also expressed his pleasure in announcing the receipt of prestigious awards viz. The ICWAI Excellence in Cost Management Award - 2010 by The Institute of Cost and Works Accountants of India, National Safety Award - 2009, National Safety Award - 2010 for Achieving Accident Free Year & National Safety Award - 2010 for Achieving Lowest Average Frequency Rate by Ministry of Labour & Employment, Government of India and Certificate of Merit -2011 for Export Performance & Promotion by Federation of Gujarat Industries, Vadodara.
While concluding the 39th AGM of GACL, he thanked on behalf of Board of Directorsto the Central Government, Government of Gujarat in particular the Ministry of Energy & Petrochemicals, Promoters, Banks, Auditors, customers, agents, dealers, suppliers and other stakeholders who have continued to extend their valuable support and co-operation to the Company at all times.
Source:
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