Revenue from operations dropped 35.2% year on year to Rs 946.79 crore in quarter ended 30 September 2023.

Profit before tax in the September quarter stood at Rs 74.85 crore, down 84.4% from Rs 479.86 crore reported in the same period a year ago.

Total expenses declined nearly 12% YoY to Rs 885.44 crore during the quarter. Cost of material consumed was at Rs 360.25 crore (down 24.73% YoY) while employee benefits expenses stood at Rs 87.37 crore (up 9.16% YoY), in Q2 FY24.

EBITDA stood at Rs 163 crore in the second quarter of FY24, registering a de-growth of 70% as against Rs 536 crore posted in Q2 FY23. EBITDA margin reduced to 17% in Q2 FY24 as compared to 37% registered in the corresponding quarter last year.

On half-yearly basis, the company’s net profit dropped 61.57% YoY to Rs 253.89 on 22.87% fall in revenue to Rs 2,156.05 crore in H1 FY24 over H1 FY23.

Meanwhile, the company’s board has approved the appointment of Dr Bir Kapoor as an additional director designated as deputy managing director of the firm, effective from 3 November 2023, subject to approval of the shareholders.

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.