GACL - 49th Annual General Meeting held on 29th September, 2022

VADODARA, India, Sept. 29, 2022 /PRNewswire/ -- Gujarat Alkalies and Chemicals Ltd. successfully conducted its 49^th Annual General Meeting on 29^th September 2022 through a video conference facility/OAVM. Shri J. P. Gupta, IAS, Director of the Company presided over the meeting. Shri Swaroop P. 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 of the meeting, Shri J. P. Gupta, IAS, added that during the Financial Year 2021-22, the Company has achieved capacity utilization of more than 100% in some of the products viz. Caustic Soda Lye, Chloromethanes, Caustic Potash Flakes, Hydrogen Peroxide, Phosphoric Acid, Aluminium Chloride and Sodium Chlorate Granules. Upgrading and adapting to eco-friendly and green technologies has been a vital contributor to 100% capacity utilization.   

Talking about financial performance, The Chairman stated that, during the Financial Year 2021-22 GACL achieved an External Sales Turnover of ₹3,683 Crores, Profit Before Tax of ₹829 Crores and Profit After Tax of ₹562 Crores. The Earning Per Share was ₹76.53 for the year as against ₹22.72 per share in the previous year. The Book value of shares increased to ₹624 per share as of 31^st March 2022 as against ₹557 per share at the end of the previous year, registering a growth of ₹67 per share. During the First Quarter of the current Financial Year, GACL achieved an External Sales Turnover of ₹1,107 Crores, Profit Before Tax of ₹336 Crores and Profit After Tax of ₹222 Crores. He further informed that the Board of Directors of the Company had recommended a Dividend of ₹10.00 per share (i. e. 100%) on Equity Shares for the Financial Year ended 31^st March 2022.   

Talking about the new projects, he stated that 1,05,000 Tons Per Year Chloromethanes plant, put up at plot D-II/9 at Dahej, has been successfully commissioned. The Caustic Soda Expansion Project at the existing complex at Dahej is also commissioned. The new plant will have a capacity of 525 Metric Tons Per Day. The Hydrazine Hydrate Plant, with a capacity to produce 10,000 Tons Per Year at the existing complex at Dahej has also been started by feeding the raw materials to the process equipment on 26^th September, 2022. The finished product is expected in due course of time as the process proceeds. The technology for manufacturing this product has been developed by the Company in collaboration with CSIR-IICT, Hyderabad. Joint patents have been granted for this process by Indian and US patent authorities. At present Hydrazine Hydrate is 100% imported product in India and there was a need for import substitution of this high value super speciality chemical product. GACL Hydrazine Hydrate as an import substitute product with world-class quality will help in reducing country's dependency on imports, thereby saving of valuable foreign exchange. It will also strengthen India's quest to become 'Atmanirbhar Bharat'- a vision of Hon'ble Prime Minister of India for making India a self-reliant nation. We are also putting up a 33,870 TPA Food Grade Phosphoric Acid plant. The construction of this plant is going on in full swing. To enhance our in-house chlorine consumption, we have planned to put up a 30,000 TPA Chlorotoluene Project at Dahej to produce benzyl chloride, benzaldehyde and benzyl alcohol. It is planned to be made operational during the Financial Year 2024-25.

Sharing further about the Company's efforts towards promoting green technology, he informed that, "GACL has installed 35 MW Solar Power Plant and 171.45 MW of Wind Power Plant. The Company has also installed a floating solar installation having a capacity of 732 KW at Dahej Complex, 630 KW roof-top solar power capacity at its Vadodara Complex and 260 KW roof-top solar power capacity at its Dahej Complex for captive consumption. The captive use of the power from these installations has been providing benefits in terms of incurring lower power costs to the Company for its power-intensive operations. As our commitment to promoting green technologies, the company is jointly working with NTPC Renewable Energy Limited (NTPC REL) for synthesizing Green Methanol and Green Ammonia, in addition to sourcing up to 100 MW of Renewable Energy on a round-the-clock basis from NTPC REL. We are also putting up a 500 KLD bio-ethanol plant jointly with GAIL India Limited, as our contribution to the Hon'ble Prime Minister's drive towards cleaner energy and 'Atmanirbhar Bharat'."

Giving insights into GNAL, the JV with NALCO, he further shared that, "The Company has put-up 800 Tons Per Day Caustic Soda Plant integrated with a 130 MW Coal based power plant at a new complex in Dahej."

GACL has always been a Socially Responsible Corporate committed to integrate social and environmental concerns into its business activities. GACL is committed towards creating value for their stakeholders and believe that through various CSR initiatives the value is reflected in their quality of life. Their initiatives are mainly categorized into Promotion of Education, Care for Special Children, Healthcare, Sanitation and Hygiene, Livelihood Generation and Skill Development Activities, Art, Culture and Heritage, Water Conservation and Environmental activities.

Before closing the proceedings, Shri J. P. Gupta, IAS expressed his gratitude to the Directors, Shareholders and Employees of the Company. He also thanked the Central & State governments, Promoters, Bankers, Auditors, Customers, Agents, Dealers, Suppliers and other stakeholders for their continued support and cooperation with 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 12% share in domestic caustic soda market. From an initial capacity of 37,425 TPA caustic soda, the organization has enhanced its current capacity to 4,30,000 TPA, Which is further increasing to 6,03,000 TPA and manufacturing facilities are spread over 2 complexes at Vadodara and Dahej. From its two facilities, GACL now offers 36 products.