Companies

Paradeep Phosphates launches Rs 600-cr projects

PTI Bhubaneswar | Updated on July 21, 2011 Published on July 21, 2011

Buoyed by an about 33 per cent jump in profit during 2010-11, fertiliser major Paradeep Phosphates Ltd (PPL) has launched new projects worth Rs 600 crore to substantially raise capacities and efficiencies at its different plants.

“With a total income of Rs 3,630.64 crore, the company earned Rs 239.18 crore as profit before tax during 2010-11 compared with Rs 179.73 crore in the previous year,” the company Managing Director, Mr Sharad S. Nandurdikar, told reporters here today.

Similarly, profit after tax (PAT) increased to Rs 177.08 crore last fiscal against Rs 151.55 crore in the previous year, a rise of about 18 per cent, he said.

In view of the growing demand for nutrients and favourable atmosphere, a host of new projects are underway for enhancing the capacity and efficiency of PPL’s sulphuric acid plant, phosphoric acid plant and fertiliser plant.

Furthermore, additional residential and township facilities are at different stages of implementation. All these projects will be completed in the next three years, he said.

The estimated cost would be around Rs 600 crore and on completion, the company plans to achieve a plant capacity of 15,00,000 tonnes annually, Mr Nandurdikar said, adding that this would be part-financed through internal generations and partly through debt, which is in the process of being tied up.

Stating that the overall agricultural scenario for the country remained favourable during 2010-11, with good rainfall and demand for fertilisers, he said timely declaration of subsidy under the new nutrient-based subsidy policy ensured adequate availability of fertilisers during the year.

Published on July 21, 2011
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