The Hindu Business Line : TTP posts Rs 10-cr net in 2003

THE State-owned Travancore Titanium Products Ltd (TTP), manufacturers of anatase grade titanium dioxide pigment in the country, has recorded its highest-ever turnover of Rs 130 crore in 2003-04.

The company made a net profit of Rs 10 crore during the year as against Rs 8.62 lakh in 2002-03. The previous highest turnover for the company was Rs 110.86 crore recorded in 2000-01.

According to the annual performance highlights of TTP, released here on Thursday, the sales at 18,289 tonnes marked an increase of more than 91 per cent over the previous year. The sales included 151.5 tonnes of export and 805 tonnes of rutile grade pigment.

The annual production registered an increase of 46 per cent to reach 16,251 tonnes, as compared to 11,137 tonnes in 2002-03. This was despite the company having had to operate at lower volumes in the first quarter of the fiscal year due to heavy inventory pile-up and the consequent storage constraints.

It has been pointed out that the average monthly production in the first three months was only 808 tonnes. This, however, picked up to average monthly production of 1,536 tonnes in the remaining nine months.

The year witnessed the highest-ever monthly production of 1,783 tonnes in March 2003. The daily production also touched a new high of 87 tonnes on February 16. During the year, the company started exporting its product to countries such as the US, the UK, UAE and Africa. Another notable achievement was the commencement of rutile grade pigment (uncoated) using the technology developed in-house. Besides, the manufacture of industrial paints, required for captive consumption, was taken up using the available facilities.

The company initiated various cost reduction measures during the year, which included abolition of 62 posts under voluntary retirement scheme. The introduction of VRS saved over Rs 1.40 crore in the annual wage bill of the company.

The other projects the company is currently engaged in relate to capacity expansion, product diversification and pollution abatement. These projects are being implemented in a phased and time-bound manner in association with Mecon, a Union Government undertaking.