Gandhar Oil Refinery India Ltd reports Q2 & H1FY24 Results

Gandhar Oil Refinery India Ltd a leading manufacturer of white oils by revenue, engaged in producing Pharmaceutical, Health care, and performance oil (PHPO), Process Insulating Oil (PIO) and Lubricants, has announced its Financial Results for the Quarter ending September 30, 2023.

Key Financial Highlights:

- Revenues for the Q2FY24 stood at Rs. 10,010 mn compared to Rs. 10,704 mn, while for H1FY24 it was Rs. 20,714 mn

- Total overseas sales for Q2FY24 stood at 48.9% while for H1FY24 it stood at 57.0%. Demand from APAC & Americas continued to remain strong

- Manufacturing Gross Margin Spread for Q2FY24 stood at Rs. 10,060 while for H1FY24 it was Rs. 10,438

- The capex at our Taloja plant is expected to be completed by end of this financial year

Commenting on the Results, Ramesh B. Parekh Chairman & Managing Director said, "We are thrilled and deeply grateful for the incredible response and overwhelming support we received during our recent public issue. Your trust and belief in Gandhar Oil have been instrumental in making this endeavour a resounding success. Your support serves as a catalyst for us to push boundaries, innovate, and create value for all our stakeholders.

On the business front, the APAC and Americas regions continue to exhibit strong demand, and in tandem with crude prices we have observed a gradual easing in the prices of base oil. End-use industries such as pharmaceuticals and consumer products are expected to grow strongly going forward driven by strong domestic consumption, favorable demographics, and government initiatives. We believe we are well-positioned to take advantage of favorable industry trends for the consumer and healthcare end-industries and will focus on expanding our offerings to these sectors.

We are pleased to observe that the demand for PHPO remains consistently robust. Moving forward, we maintain a positive outlook for our organization. With our solid financial position, well-established brands, manufacturing expertise, technical know-how, and extensive distribution network, Gandhar Oil is committed to achieving sustainable and profitable growth. Your support and involvement are crucial as we navigate these dynamic market conditions, and we anticipate the continued success of our initiatives."

Shares of Gandhar Oil Refinery India Limited was last trading in BSE at Rs. 310.00 as compared to the previous close of Rs. 306.70. The total number of shares traded during the day was 506337 in over 7840 trades.

The stock hit an intraday high of Rs. 313.45 and intraday low of 304.00. The net turnover during the day was Rs. 156871159.00.

Source : Equity Bulls

Keywords

GandharOilRefineryIndia Lubricants INE717W01049 Q2FY24 H1FY24 ResultUpdate