Nitta Gelatin clocks Rs 2.26 cr net profit

The board has approved a proposal requiring around Rs.15.8 cr to augment the environment management infrastructure at its production centres

Nitta Gelatin India Limited (NGIL), India’s second largest gelatin manufacturer, registered a net profit of Rs 2.26 crore for the quarter ending March 31, 2015, as against a net loss of Rs 61 lakh for the corresponding period last year.

For the full financial year 2014-15, NGIL clocked Rs 5.10 crore profit, when compared with a loss of Rs 4.96 crore in the previous fiscal.

In the fiscal 2014-15, NGIL achieved a 24.4 per cent growth in sales to Rs 350.49 crore, when compared with Rs 281.74 crore in the previous year. The board of directors of the company has approved the proposed Rs 15.80 crore investment for augmenting the environment management at the company’s production centres.

For meeting the finances, the board had approved the issue of 929,412 optionally convertible preference shares (OCPS) at a face value of Rs 170, said Sajiv K Menon, NGIL managing director.