Gujarat Fluorochemicals rises after good Q2 outcome

Gujarat Fluorochemicals rose 1.06% to Rs 4,002 after the company's consolidated net profit jumped 74.38% to Rs 361.23 crore on 51.59% rise in revenue from operations to Rs 1,461.34 crore in Q2 FY23 over Q2 FY22.

Profit before tax soared 77.29% year on year (YoY) to Rs 479.86 crore in the quarter ended 30 September 2022. Total expenses increased by 36% YoY to Rs 1,005.73 crore during the quarter ended 30 September 2022.

Cost of materials consumed stood at Rs 478.58 crore (up 54.77% YoY), power and fuel expenses were at Rs 246.46 crore (up 61.3%), employee benefits expenses was at Rs 80.04 crore (up 17.71% YoY) and finance cost stood at Rs 222.72 crore (up 50.45% YoY) during the period under review.

On a sequential basis, net profit increased by 17.95% while revenue from operations grew by 9.55% in Q2 FY23 over Q1 FY22. Profit before tax grew 17.26% on a sequential basis from Rs 409.21 crore in Q2 FY23.

Meanwhile, the company's board declared an interim dividend of Rs 2 per equity share for the financial year ending 31 March 2023. The record date for the same has been fixed at 1 November 2022 and the dividend will be paid by the company on or before 17 November 2022.

Further, Sanjay Sudhakar Borwankar, whole-time director of the company has tendered his resignation from the post of whole time director and director of the company with effect from 31 October 2022, on account of his decision to move out of the company for his better future prospects.

Lastly, the board of directors has appointed Jay Shah as additional and whole-time director of the company with effect from 1 November 2022, subject to approval of the shareholders.

Gujarat Fluorochemicals (GFL) is the flagship company of Inox group. The company has evolved to being largest producer of chloromethanes, refrigerants and Polytetrafluroethylene in India.

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