The Hindu Business Line : Haldia Petrochem net doubles

According to a press communiqué issued by the company, gross sales increased by 21 per cent from Rs 6,928 crore in 2005-06 to Rs 8,376 crore. The operating profit increased by 25 per cent to Rs 1,421 crore (Rs 1,138 crore).

The revenue growth came against a mere two per cent increase in production to 1,416 kilo tonnes. Sales volume increased 4 per cent to 1,373 kilo tonnes.

Shareholding pattern

Interestingly, the company has also announced its current shareholding pattern, declaring a majority shareholding of 51.67 per cent by the state government and its agencies in the total share capital.

The State holding includes the disputed 271 million preference shares held by West Bengal Industrial Development Corporation (WBIDC). The Company Law Board in its order in January this year ordered transfer of the same to the private promoter, The Chatterjee Group, at face value of Rs 10 per share. The issue is now pending before the High Court.

TCG controls a majority stake of 44.22 per cent in the equity capital (excluding the Rs 271 crore preferential capital) of HPL. This is higher than the State share of 43.27 per cent in the equity capital.

However, if the preference capital is included TCG holding in the share capital comes down to 37.68 per cent, followed by 8.19 per cent by IndianOil and 2.46 per cent by the Tata group.