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GHCL's net profit grows 56% to ₹122 cr in Q2 FY '20

24
Oct '19
Pic: Shutterstock
Pic: Shutterstock
GHCL, an India-based chemical and textile company, has registered net profit of ₹122 crore in second quarter of fiscal 2019-20, a growth of 56 per cent compared to net profit of ₹78 crore in the corresponding quarter of the previous fiscal. Net Revenue for the quarter dipped 2 per cent to ₹826 crore as against ₹839 crore in the quarter ended Sept 30, 2018.

EBIDTA grew by 14 per cent to ₹203 crore as compared to ₹179 crore in the corresponding quarter of the previous year.

However, revenue of GHCL's Home Textiles business declined by 7 per cent to ₹283 crore in Q2 FY20 as compared to ₹305 crore in Q2 FY19 mainly due to week spinning scenario, the company said.

Net revenue for H1 FY20 grew by 7 per cent to ₹1,705 crore as compared to ₹1,596 crore in the corresponding first half ended Sept 30, 2018. EBIDTA grew by 28 per cent to ₹425 crore as compared to ₹332 crore in the corresponding first half of FY2019. Net profit increased by 61 per cent to ₹226 crore as compared to ₹140 crore in the corresponding first half of FY2019.

“The chemicals business has performed well, despite a slow demand in growth and increase in supply which has led to some pressure on pricing. The textile performance has also been satisfactory and in line with our expectations despite significant impact of US-China trade war," said GHCL managing director RS Jalan.

"We have been striving for judicious capital allocation and the last six months have witnessed a reduction in our debt. This will bring about a significant reduction in the interest cost for us going forward. We intend to continue creating value for our stakeholders with our continued focus on sustainability, innovation and high process efficiency,” he added.

Fibre2Fashion News Desk (RKS)


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