Gujarat Alkalies slumps nearly 6% on disappointing Q2 performance

The company’s earnings in the July-September period disappointed the Street on all three fronts of revenue, profit, and profitability as demand environment in the sector remained weak.

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Shares of Gujarat Alkalies and Chemicals slumped nearly 6 percent in early trade on November 9 after the company reported dismal earnings for Q2, largely bogged down by the weak demand environment plaguing the chemical sector.

The company posted a net loss of Rs 18.40 crore in the July-September period as against a net profit of Rs 60.50 crore in the year-ago period.

The net loss came on the back of a weak operational performance, and a fall in revenue due to aggressive competition from Chinese counterparts and volatile market conditions prevailing during the quarter.

Revenue fell 13.8 percent on year to Rs 971.30 crore as compared to Rs 1,127.30 crore reported in the base quarter.

Not just that, the operational performance also took a major hit as EBITDA margin eroded sharply to 4.7 percent in the September quarter as against 20.10 percent recorded in the same period of the preceding fiscal.

Industry weakness

At 09.54 am, shares of the chemical company were trading 2.5 percent lower at Rs 724.05 on the National Stock Exchange.

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The chemical industry has been struggling with weak demand and an influx of high inventory from Chinese companies in recent quarters, which has heavily impacted earnings growth for the sector.

On the back of the persisting weakness within the sector, shares of the chemical company also reeled under pressure, falling over 18 percent in the past year.

However, analysts expect to see a recovery making its way for the sector in the second half of the current fiscal as high inventory from Chinese competitors wanes out.

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