New Delhi: State-owned Hindustan Organic Chemicals Limited (HOCL) on Tuesday posted a consolidated net loss of Rs 23.03 crore for the first quarter of 2023-24 despite witnessing a 17 percent rise in sales.

The company had posted a net loss of Rs 14.76 crore in the year-ago period, according to a regulatory filing.

Total income increased 17 percent to Rs 145.45 crore during the quarter compared with Rs 124.40 crore in the year-ago period.

Expenses, too, increased to Rs 171.98 crore during the quarter from Rs 141.65 crore a year ago.

HOCL said it is in the process of implementing a government-approved restructuring plan.

Sale of unencumbered land in Rasayani through NBCC and Panvel land through e-auction are in progress, while the Phenol plant in Kochi is in operation, it said.

"In view of this, the financial statement has been prepared on a going concern basis," it said.

The company also said it has undertaken the closure of its subsidiary firm Hindustan Fluorocarbons Ltd and management had made VRS payments to employees, settled bank loan and made payments towards various outstanding dues.

The plant and machinery were sold in March 2023 and the sales proceeds were deposited as fixed deposits in a bank.

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