The Hindu Business Line : Deepak Fert setting up new plant in Bengal

DEEPAK Fertilizers and Petrochemicals Corporation Ltd is setting up a three-lakh-tonne-a-year ammonium nitrate and nitric acid manufacturing facility at a cost of Rs 400 crore. The company has set up a 24-month schedule to put up the project.

"The plant will be set up in eastern India, either in Paradip or Haldia," said Mr S.C. Mehta, Managing Director, "It will be a cost-effective geographical location for us as it will reduce our freight charges. We can easily export our products from there, as we will have nearby port facility. Most mines, our biggest consumers, are in eastern India."

Net falls in Q2

Announcing the first half results, Mr Mehta said the company registered a strong growth in sales and profits for the six-month period ended September 30, 2005.

The company saw a 16 per cent growth in sales from Rs 216 crore to Rs 249 crore.

Profit before tax rose 21 per cent from Rs 44.5 crore to Rs 54 crore, while the profit after tax increased 27 per cent from Rs 29 crore to Rs 37 crore.

For the quarter ended September 2005, Deepak Fertilizers saw sales grow 7 per cent from Rs 104 crore to Rs 111 crore.

Profit before tax for the quarter was down from Rs 24 crore to Rs 21 crore, while profit after tax was down from Rs 16 crore to Rs 14.5 crore.

This was because of a reduction in production caused by the temporary stoppage of operations because of the flooding in Western Maharashtra during the fourth week of July 2005.

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Deepak Fert setting up new plant in Bengal