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Our Bureau

Hyderabad , Oct. 17

The board of directors of Godavari Fertilisers and Chemicals Ltd (GFCL), part of the Murugappa group, at its meeting held here on Tuesday, has approved in principle to expand the company's plant located at Kakinada by 4.25 lakh tonnes per year.

The company informed the stock exchanges that its board is expected to take up the matter for final approval at a later date. The board has approved expansion project for setting up of a third granulation plant.

According to the GFCL Managing Director, Mr K.A Nair, the expansion would be taken up at an approximate cost of Rs 82.5 crore and the project is expected to go on stream by early 2009.

As per the unaudited financial results approved by the board for the quarter ended September 2006, the company posted net sales of Rs 729.68 crore (Rs 578.09 crore), profit before tax of Rs 49.31 crore (19.97 crore) and a net profit of Rs 33.01 crore (Rs 11.45 crore).

For the six months period, the company has reported net sales of Rs 995.19 crore (Rs 727.07 crore), profit before tax of Rs 45.55 crore (Rs 20.92 crore) and profit after tax of Rs 29.19 crore (Rs 12.33 crore).

More Stories on : New Projects | Fertilisers

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