Gujarat PSU GACL eyes Rs 5,000-crore turnover by 2020

Gujarat Alkalies and Chemicals Ltd (GACL) is eyeing Rs 5,000-crore turnover by 2020, a top official today said.
The Gujarat PSU currently has a turnover of more than Rs 2,000 crore and wants this to reach Rs 5,000 crore by 2020, GACL Managing Director P K Gera told PTI by phone.
The board of Vadodara-based GACL met in Gandhinagar today and approved the audited financial Results for the fourth quarter and year ended on March 31.
The company is in advance stage of implementing various projects on hand. They included setting up a Rs 1,800 crore caustic soda plant, establishment of 33,870 TPA food grade phosphoric acid unit at Dahej and a hydrogen peroxide (H2O2) plant, also in Dahej, he said.

National Aluminium Company Ltd (NALCO) and GACL have launched a joint venture, GNAL, to set up the Rs 1,800-crore caustic soda plant, Gera said.
He said despite facing stiff competition and adverse market conditions, the company clocked turnover of Rs 2,020.25 crore in FY17 from Rs 1,955.97 crore in FY16.

Profit After Tax (PAT) stood at Rs 308.10 crore, up from Rs 219.89 crore in FY16, Gera said.
He said the board has recommended a dividend of 50 per cent n equity Shares of Rs 10 each - that is Rs 5 per share, .
For the fourth quarter ended on March 31, GACL posted PAT of Rs 87.10 crore, down from Rs 115.40 crore in the corresponding quarter of the previous year.

Sales stood at Rs 509.96 crore, down from Rs 543.97 crore in the same period of FY16.
The topline and bottom line during the fourth quarter were affected mainly due to chlorine constraints and demand and price impacts, Gera said.