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Gujarat Alkalies and Chemicals (GACL) has dipped over 5% at Rs 178 on the BSE after reporting weak Q3 numbers. Increased supplies of imported caustic soda have led to a dip in net profit for third quarter ended December 31, 2014 of Gujarat Alkalies and Chemicals by 26.4%.
The company saw its Q3 net profit reduces of FY '15 to Rs 25.92 crore from Rs 35.22 crore of the corresponding period last year.
GACL's total income also fell by 10.37% to Rs 457.13 crore for third quarter ended December 31, 2014 from last year Q3 net profit of Rs 510.02 crore.
The company attributed the results mainly due to increase in supplies of imported Caustic Soda Lye which has badly affected the domestic price realization during the quarter.
According to the company, increase in imports of Caustic Soda Lye on Western ports has created disturbance in domestic market during the quarter.
A M Tiwari, IAS, Managing Director of GACL stated that the net sales for the nine months ended on December 31, 2014 was Rs 1,444.21 crore, registering an increase of 4.37% as against Rs 1,383.68 crore in the corresponding period of the previous year.
The stock opened at Rs 184, touched a low of Rs 176 on the NSE. Nearly 50,000 shares changed hands on the BSE and NSE so far.
