Revenue from operations fell 23% year on year (YoY) to Rs 1,133.03 crore in quarter ended 31 March 2023.
Profit before tax in the March 2024 quarter stood at Rs 141.02 crore, down 68.61% from Rs 449.28 crore reported in the same period a year ago.
EBITDA stood at Rs 238 crore in the third quarter of FY24, registering de-growth of 55% as against Rs 529 crore posted in Q4 FY23. EBITDA margin dropped to 21% in Q4 FY24 as compared to 36% registered in the corresponding quarter last year.
On full year basis, the company’s consolidated net profit slumped 67.27% YoY to Rs 434.95 on 24.7% decline in revenue to Rs 4,280.82 crore in FY24 over FY23.
Meanwhile, the company's board has recommended final dividend of Rs 3 per equity share for the financial year 2023-24, subject to the approval of the shareholders.
Meanwhile, the firm has acquired balance stake of 0.60% in IGREL Mahidad, resulting in IGREL Mahidad to be a wholly owned subsidiary of the company.
Further, the board of directors approved slump sale of some energy undertakings suppling captive power to the Company on a going concern basis to IGREL Mahidad, for a consideration not exceeding Rs 700 crore. The company will also enter into a power purchase arrangement with IGREL Mahidad for continuity of power supply. The board has also constituted a committee of directors to finalize the terms of the business transfer, including the power purchase agreement.
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.