Lower utility costs and better capacity utilisation has resulted in Gujarat Heavy Chemicals Limited (GHCL) registering a 79.09 per cent rise in its standalone net profit for the second quarter of financial year 2016-17. The company has reported a net profit of Rs 90.28 crore at quarter ended September 30, 2016 as against Rs 50.41 crore in corresponding period of fiscal 2015-16.
"During the present quarter, we had a good financial performance on the back of improved efficiency, lower utility costs and better capacity utilization leading to strong growth in the bottom lines for us. We continue to witness strong growth in our home textiles business and consolidation in the inorganic chemicals business going forward," said R S Jalan, managing director of GHCL.
During first half of financial year 2016-17 the company registered 72.35 per cent growth in net profit to Rs 193.11 crore as against Rs 112.04 crore in corresponding period of FY'16. Income of GHCL rose 9.27 per cent to stand at Rs 1,429.83 crore in H1 FY 2016-17 as compared to Rs 1,308.54 crore in H1 FY 2015-16.