PPL profit up 8.39 pc

Bhubaneswar: Buoyed by a 8.39 per cent jump in its profit to Rs 259.26 crore in 2011-12, fertiliser major Paradeep Phosphates Ltd is set to invest around Rs 600 crore to launch many new projects for raising capacity.

"The company made Rs 259.26 crore as profit before tax during 2011-12 compared to Rs 239.18 crore in the previous year, registering an increase of 8.39 per cent," PPL managing director S S Nandurdikar told reporters here.

Similarly, profit after tax during last fiscal rose to Rs 177.71 crore from Rs 177.08 crore in the previous year, showing an increase of 0.35 per cent, he said.

The rise, he admitted, was small due to factors like tax credit and certain relief available in 2010-11, but explained the company`s performance was encouraging.

Saying that the total turnover in the last fiscal stood at Rs 4,700.14 crore, Nandurdikar observed despite problems in raw materials availability due to logistics issues, PPL produced a total of 10.2 lakh MT of fertilisers comprising six lakh MT of DAP and 4.2 lakh MT of complexes of NPK.

Among intermediary products, sulphuric acid and phosphoric acid production was 6.3 lakh MT and 2.1 lakh MT respectively, he said.

Referring to sales, Nandurdikar said, the company sold 10.2 lakh MT of its own manufactured DAP and complexes and five lakh MT of Gypsum during 2011-12.

Besides, as part of its traded products PPL sold 0.88 lakh MT of imported MOP, 3.53 lakh MT of imported DAP and complexes, 0.038 lakh MT of crop protection chemicals, 0.002 lakh MT of water soluble fertilisers.

On future outlook, the PPL MD said a number of new projects are under way for de-bottlenecking of the Phosphoric acid and DAP plants.