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Shares of Gujarat Alkalies and Chemicals Ltd. (GACL), the manufacturer of chemical substances fell as much as 8 percent on Thursday after the company reported a 19 percent drop in consolidated net profit for the September quarter.

Consolidated net profit fell to Rs 60.5 crore for the quarter, compared to Rs 75 crore during the same period last year.

An exceptional loss of Rs 67 crore during the quarter hurt the company's bottom-line. The exceptional item is attributed to a loss in its Joint Venture company GACL-NALCO Alkalies and Chemicals Pvt. Ltd. GACL holds 60 percent equity in the Joint Venture company.

Overall revenue increased 37 percent from last year to Rs 1,127 crore despite aggressive competition and volatile market conditions.

Operating profit, or EBITDA increased nearly 60 percent year-on-year to Rs 226 crore for the quarter. Margin expanded nearly 300 basis points to 20 percent.

Gujarat Alkalies also announced on Wednesday that it commissioned the 105 Kilo Tonnes Per Annum Chloromethane, 10,000 Tonnes Per Annum Hydrazine Hydrate and 525 Tonnes Per Day Caustic Soda expansion projects at Dahej during the September 2022 quarter.

Shares of Gujarat Alkalies and Chemicals are trading 7.3 percent lower at Rs 824.9.