GHCL, India’s leading Chemical Company, today announced its financial results for Q2FY24. On the standalone basis, GHCL’s net profit declined by 51 per cent to Rs. 143 crores as compared to Rs. 291 crores in the Q2 FY23 and Rs 426 crores for Q1FY24.

Net Revenue was at Rs. 817 crores for Q2 FY 24 as compared to Rs. 1183 crores in the corresponding quarter of previous year and Rs.1029 crores for Q1FY24. EBIDTA stood at Rs. 224 crores as compared to Rs. 413 crores in the Q2 FY23 and Rs 310 crores for Q1FY24.

Commenting on the financial performance, R S Jalan, Managing Director, GHCL said, “Our performance during the quarter was influenced by various factors such as ongoing weakness in the global Soda Ash markets leading to oversupply situation, increased imports into India and reduction in energy and associated costs.

“While the global Soda ash markets continue to remain soft, we have started to observe early signs of demand recovery in the domestic market, especially in the conventional end-user sectors coupled with the demand from the new sunrise industries of solar glass, lithium and sodium bicarbonate.

“We have consistently delivered value for our stakeholders through sustained expansion in earnings. Going forward, we have ambitious growth plans in order to maintain this trajectory. These include Greenfield expansion, vacuum salt project, product basket expansion and salt yield improvement among others. We are certain that once completed, these projects will accelerate our growth momentum and position us among the top-tier industry leaders.”