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Gujarat Alkalies and Chemicals Ltd (GACL) - 47th Annual General Meeting held on 25th September, 2020, in Vadodara

·4-min read

VADODARA, India, Sept. 25, 2020 /PRNewswire/ -- Gujarat Alkalies and Chemicals Ltd. (GACL) successfully conducted its 47th Annual General Meeting today through video conference facility/OAVM. Shri P K Gera, IAS (Retd.), Managing Director of the Company, presided over the meeting as Chairman. He provided clarification to the shareholders on questions that they raised during the meeting.

Sharing more about the performance, he added that the Company has always ensured upgrading and adapting to eco-friendly and green technologies while it ensured optimum capacity utilization during Financial Year 2019-20. The Company has achieved highest ever capacity utilization touching 100% in some of the plants/products viz. Caustic Soda Lye, Chloromethanes, Hydrogen Peroxide, Phosphoric Acid, Aluminium Chloride & Stable Bleaching Powder.

Talking about the finance, he stated that in spite of stiff competition and unstable market conditions during the year, the Company had achieved Sales Turnover of Rs.2,654 Crores, Profit Before Tax of Rs.492 Crores and Profit After Tax of Rs.333 Crores. The Earning per Share was Rs.45.32 for the year. Book value of share increased to Rs.541 per share as on 31st March 2020 as against Rs.505 per share at the end of previous year, registering a growth of Rs.36 per share. During the First Quarter of current Financial Year 2020-21, GACL achieved Sales Turnover of Rs.453 Crores, Profit Before Tax of Rs.46 Crores and Profit After Tax of Rs.32 Crores. He further informed that the Board of Directors of the Company had recommended a Dividend of Rs.8.00 per share (i.e.80%) on Equity Shares for the Financial Year ended 31st March 2020.

He also informed that GACL is well on its way with the implementation of its growth plans through which it aspires to reach annual turnover of Rs.5,000 Crores in the year 2021-22. This is despite the unforeseen situation of COVID-19 pandemic, which has slowed down the implementation process of the new projects, but has not lowered the fighting spirit of the Company to eventually achieve the desired objectives.

Talking about the new projects, he stated that 15,000 TPA Stable Bleaching Powder Plant and 16,500 TPA Anhydrous Aluminum Chloride Plant were successfully commissioned during the Financial Year 2019-20. Three of the major projects, viz. Hydrazine Hydrate, Chloromethanes and GNAL (a JV Project with NALCO), which were planned to be put on stream during the last quarter of the current Financial Year, may get delayed by about 4-6 months and are expected to be commercially operative by 2nd quarter of the next Financial Year i.e. 2021-22. The other two major Projects viz. Purified Phosphoric Acid and Caustic Soda Expansion, which were planned to be operative by the 3rd quarter of 2021-22, would now get to the stage of commercial production during the last quarter of 2021-22.

Sharing further about the Company's efforts towards promoting green technology, he informed about the installation and commissioning of another 20 MW Solar Power Project that was done at Charanka, Gujarat during the Financial Year 2019-20. With this installation, the aggregate installed renewable energy capacity of the Company has reached to 35 MW for Solar Power and 171.45 MW for Wind Power, which would cater more than 25% of Company's energy requirements.

Before closing the proceedings, he expressed his gratitude to Directors, Shareholders and Employees of the Company. He also thanked the Central & State Government, Promoters, Bankers, Auditors, Customers, Agents, Dealers, Suppliers and other stakeholders for their continued support and co-operation to the Company at all times.

About GACL: GACL is a forward-looking company, set up in the year 1973. More than 45 years is a long time. Long enough to test the character of any organization. Be it recession, inflation, increased competition or changing governments, we've lived it all. And for sure, all the turbulences have made GACL a stronger and a progressive company. Our stern resolve to manufacture quality chemicals and trek customer satisfaction to a new height has yielded unbelievable results.

From an initial capacity of 37,425 TPA Caustic Soda, we have grown to be one of the largest producer in India, with a capacity of 4,29,050 TPA. Spread over 2 complexes at Vadodara and Dahej. Knowing that the time ahead may prop-up newer hurdles, GACL has already started to diversify and expand its existing infrastructure to consolidate it's supremacy in Chlor-Alkali and other integrated downstream products.

Website : www.gacl.com PWR PWR