Gujarat Alkalies and Chemicals declines nearly 4% on posting losses in Q4, declare dividend of ₹13.85 per share

Gujarat Alkalies and Chemicals shares dropped as much as 3.85% to an intraday low of ₹734 apiece on the NSE on Friday. However, the stock recovered some losses to close at 2.02% lower at ₹748 apiece on NSE.

On Thursday, May 30, in an exchange filing, Gujarat Alkalies and Chemicals informed the bourses that its consolidated net loss stood at ₹46.2 crore in Q4FY24, compared to a net profit of ₹71.04 crore in the same period a year ago. The revenue from operations also saw a decline of 12%, at ₹1,001.62 crore compared to ₹1,138.12 crore in Q4FY23.

For the full fiscal year ending March 2024, Gujarat Alkalies and Chemicals reported a net loss of ₹236.84 crore, in sharp contrast to the net profit of ₹409.62 crore in the previous fiscal year. On an yearly basis, the revenue from operations decreased by 15.72% to ₹3,806.63 crore compared to ₹4,516.50 crore in the previous fiscal year.

The company’s board also proposed a special dividend of ₹13.85 per equity share (138.5% of a face value of ₹10 per share) for the financial year ended March 31, 2024. Subject to the approval of shareholders at the upcoming annual general meeting, the declared dividend will be paid within 30 days of the declaration.

In another regulatory filing on May 30, Gujarat Alkalies and Chemicals announced that its Board approved the issuance of compulsory convertible debentures (CCDs) up to a maximum of ₹500 crore. These CCDs will have an intended tenure of up to five years and will be issued by GACLNALCO Alkalies and Chemicals Pvt Ltd (GNAL), a subsidiary of the company.

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