Gujarat Alkalies and Chemicals Ltd - 48th Annual General Meeting held on 23rd September, 2021

VADODARA, India, Sept. 23, 2021 /PRNewswire/ -- Gujarat Alkalies and Chemicals Ltd. successfully conducted its 48^th Annual General Meeting on 23^rd September 2021 through a video conference facility/OAVM. Shri Pankaj Kumar, IAS, Chairman of the Company presided over the meeting. Shri Milind Torawane, IAS, Managing Director of the Company provided clarification to the shareholders on questions that were raised during the meeting.

Sharing about the working efficiency, the Chairman added that during the Financial Year 2020-21, the Company has achieved capacity utilization of more than 100% in some of the products viz. Caustic Soda Lye, Chloromethanes, Caustic Potash Flakes and Hydrogen Peroxide.

Talking about the operations, he stated that despite the interruption in the Operations and the Supply Chain during the year due to the Covid-19 pandemic, GACL achieved an External Sales Turnover of Rs. 2,344 Crores, Profit Before Tax of Rs.236 Crores and Profit After Tax of Rs.167 Crores. In the F.Y. 2020-21, the Earning Per Share was Rs.22.72 for the year as against Rs.45.32 per share in the previous year. The Book value of share increased to Rs.557 per share as on 31st March, 2021 as against Rs.541 per share at the end of previous year, registering a growth of Rs.16 per share. During the First Quarter of current Financial Year, GACL achieved External Sales Turnover of Rs.702 Crores, Profit Before Tax of Rs.93 Crores and Profit After Tax of Rs.64 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 31^st March, 2021. 

Talking about the new projects, he stated that two of the major projects, viz. Hydrazine Hydrate and Chloromethanes, being put up at two different locations at Dahej, are expected to be operational by the third quarter of 2021-22. Hydrazine hydrate is a new, import substitute product. The process technology is developed by GACL jointly with IICT, Hyderabad. New Chloromethanes project is a capacity addition to the similar products being manufactured at Vadodara. The other two major projects viz. Purified Phosphoric Acid and Caustic Soda Expansion are expected to be operational during the second quarter of 2022-23.  

The project for the establishment of 800 TPD Caustic Soda Plant integrated with 130 MW Coal based Power Plant at Dahej, as a Joint Venture with NALCO, is also well underway at the new Complex, D-II/9. The plant is expected to be operational during the third quarter of 2021-22.

Sharing further about the Company's efforts towards promoting green technology, he informed that GACL has installed a 35 MW Solar Power Plant and 171.45 MW of Wind Power Plant, with an aggregate renewable energy capacity of 206.45 MW. The Company has also installed a floating solar installation having a capacity of 732 KW at Dahej Complex for captive consumption. The captive use of the power from these installations has been providing benefits in terms of incurring lower power cost to the Company for its power intensive operations.

Giving an insight into the R&D initiatives of the Company, he further added that a Patent on Vanillin Process for which an application was filed earlier, was granted by the Indian Patent office. The Company has also developed a product viz. Crystalline Calcium Nitrate Tetrahydrate from liquid waste generated from Phosphoric Acid Plant and has filed the Patent for the same. He also shared that the R&D Department of the Company is working on waste utilization projects like regeneration of Spent Alumina Catalyst generated from Hydrogen Peroxide Plant, Spent Alumina generated from Phosphoric Acid Plant to get dual benefits in terms of environment protection as well as cost reduction.

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 :

Gujarat Alkalies and Chemicals Limited (GACL) was established in the year 1973 in Vadodara, Gujarat to manufacture Caustic Soda and allied products. Promoted by the Government of Gujarat, by harping on cutting edge technology, groundbreaking research and development and through strategic diversification, GACL has emerged as one of the largest manufacturers of caustic soda with around 11% share in domestic Caustic Soda market. From an initial capacity of 37,425 TPA caustic soda, the organization has enhanced its capacity to 4,30,000 TPA and the facilities are spread over 2 complexes at Vadodara and Dahej. From its two facilities, GACL now offers 36 products.

Website : www.gacl.com