Industry

Bengal Chemicals FY19 profit jumps 150% to ₹25 crore

Almost written off as a sick company,the 118-year-old Bengal Chemicals & Pharmaceuticals Ltd. (BCPL) closed FY19 with a total income of ₹119.7 crore against ₹94.8 crore the previous year .

Profit stood at ₹25.3 crore against ₹10.1 crore in 2017-18.

BCPL’s improved operational performance and reduced finance costs enabled it to turn in better results, P.M. Chandraiah, director, finance, and officiating managing director, said.

It paid off ₹28 crore in bank loans between 2016-17 and 2017-18 and an ₹18 crore government loan over two years till 2018-19. “We are now hoping to make it to the list of top 100 PSUs in 2018-19,” he said. The ranking, by profit, is among the top 400 PSUs (including subsidiaries).

BCPL, whose debt stands at ₹115 crore, is aiming to become debt-free by 2022, the firm said.

Founded by Acharya Prafulla Chandra Ray in 1901, BCPL was the first Indian company to make chemicals, drugs, pharmaceuticals and home products.

BCPL was taken over in 1977 by the government and referred to the Board for Industrial and Financial Reconstruction in 1992. Losses continued, peaking at more than ₹40 crore in 2013-14.

The firm reported its first profit since nationalisation in 2017. It now carries ₹221 crore accumulated loss. “We hope to wipe this off by 2023,” Mr. Chandraiah said.

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Printable version | May 16, 2021 1:30:26 AM | https://www.thehindu.com/business/Industry/bengal-chemicals-fy19-profit-jumps-150-to-25-crore/article27005105.ece

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