Gujarat Alkalies & Chemicals Ltd, one of the largest producers of caustic soda in India, has reported a sharp decline in its first quarter profits and revenues due to slump caused by Covid-19 pandemic. Company’s net profit declined by 79.97% YoY and stood at Rs 31.81 crore in the quarter ended June 2020 as against Rs 158.80 crore during the same period last year. Sales also declined 37.27% to Rs 469.61 crore in the quarter ended June 2020 versus Rs 748.57 crore last year. Further the company has considered the revision in project cost of GNAL from Rs 2000 crore to Rs 2300 crore comprising of GST (not considered in the project cost) and IDC and pre-operative expenses due to delay in project caused by COVID-19 pandemic situation. The said additional project cost of around Rs 300 crore would be funded by the lenders and promoters (GACL and NALCO) in the debt-equity ratio of 70:30.  The project being implemented by GACL- NALCO Alkalies & Chemicals (GNAL) comprises the 266,667 MTPA (100%) (i.e. 800 TDP) caustic soda plant along with 130 MW CPP at Dahej. The project will also get further delayed by another four to six months due to Covid-19 pandemic, said the company.