Categories Research Summary

GFL Limited: Holding Company Of Gujarat Fluorochemicals & Inox Leisure

“We believe the Fluoropolymer will continue to provide a strong growth for next few years. This will be further aided by the growth from the battery chemicals segment starting FY2025. The work of several years, developing grades, getting customer approvals and qualifications is now paying rich dividend for us. We are well poised for strong growth going forward. The overall business environment is in our favor and I believe we are in a very good spot to be able to participate in the sunrise industries and deliver growth for the next several years.”
-Bir Kapoor, CEO of Gujarat Fluorochemicals (Subsidiary of GFL Limited)

Stock Data

ExchangeNSE & BSE

Share Price

Last 1 Month-1.3%
Last 6 Months-19.7%
Last 12 Months-27.5%

Business Basics

GFL Limited is a holding company with various subsidiaries operating in different industries. The company’s primary subsidiary is INOX Leisure Limited, which operates a chain of multiplex cinemas across the country. GFL Limited has also ventured into the chemical and renewable industries with its subsidiaries, Gujarat Fluorochemicals Limited and INOX Renewables Limited & others. The company has a strong presence in the global fluorochemicals market and is one of the world’s largest integrated producers of fluorochemicals. In addition to its strong presence in the fluorochemicals market, GFL also has a significant presence in the specialty chemicals and entertainment markets.

GFL Limited has a diversified customer base, including customers in various sectors such as refrigeration, air conditioning, automobile, energy & pharmaceuticals. The company has a strong distribution network and exports its products to more than 50 countries worldwide. GFL Limited has a diversified portfolio of businesses and has been expanding its presence in various sectors. The company has a strong focus on research and development and constantly invests in technology and innovation to improve its products and services. With its subsidiaries operating in different sectors, GFL Limited is well-positioned to benefit from the growth opportunities across industries.

Q3 FY23 Financial Performance

GFL Limited reported Revenue from Operations for Q3 FY23 of ₹516.39 Crore up from ₹297.03 Crore year on year, a growth of 73.8%. The Revenue was driven by Sale of Products which surged by 79.6% up to ₹151 Crore. Consolidated Net Loss of ₹41.6 Crore, widen from loss of ₹0.25 Crore in the same quarter of the previous year. The Earnings per Share is -₹3.79 for this quarter.

GFL & Its Subsidiary Business

GFL Limited’s entertainment subsidiary is INOX Leisure Limited. INOX is one of the largest cinema chains in India with a nationwide presence. It operates over 160 multiplexes and more than 650 screens in over 70 cities across India. The company has a focus on creating a differentiated experience for movie-goers with high-quality audio and visual systems, and luxurious seating arrangements. INOX has also expanded its entertainment offerings beyond movies to include live events, theatrical performances, and sports screenings. The company has been successful in creating a strong brand image and has also expanded its international footprint with the acquisition of the cinema chain, Satyam Cineplexes in Sri Lanka.

GFL Limited’s wind energy business is operated through its subsidiary INOX Renewables Limited, INOX Wind Limited and other subsidiaries. INOX Wind Limited is one of India’s leading wind energy solutions providers, with a strong track record in project execution, operations and maintenance services, and technology development. Additionally, INOX Wind provides turnkey solutions for wind power projects, including feasibility studies, land acquisition, infrastructure development etc. INOX Wind’s competitive edge lies in its ability to leverage its technological expertise, cost-effectiveness, and efficient project management skills to provide comprehensive and sustainable wind energy solutions.

GFL Limited’s chemical subsidiary business operates under the name Gujarat Fluorochemicals Limited (GFL). GFL is a leading manufacturer of chemicals such as refrigerants, caustic soda, chlorine, hydrochloric acid, and fluoropolymers. The company has a state-of-the-art manufacturing facility in Gujarat, India, which is equipped with the latest technology and machinery. GFL’s products are widely used in industries such as refrigeration, air conditioning, pharmaceuticals, agriculture, and construction. The company has invested in renewable energy sources and has set up wind power plants to generate clean energy for its operations. The company has a dedicated research and development team that continuously works towards developing new and innovative products to cater to the evolving needs of its customers.

GFL’s Chemical Business Transitioning Into A Global Player

Due to the holiday season in our major markets, the Fluoropolymer business has continued to be stable with only a minor impact on volume in the most recent quarter. Except for a few delays caused by equipment suppliers, the company’s investment in fluoropolymers has been progressing well. Sales should increase as a result of the increased capacities in the following quarters. As major legacy players have not expanded or, in some cases, left the overall Fluoropolymer markets, the management anticipates stable demand for fluoropolymers. Due to the emergence of new demands from industries like semiconductors and EV batteries, the new Fluoropolymer market has a promising future.

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