The Paradeep Phosphates Ltd (PPL) has cut down losses by Rs 170 crore in 2002-03 compared to the previous year following its change of status from a public sector unit to a private sector enterprise under the ownership of Zuari Maroc Phosphates Pvt Ltd, a joint venture between KK Birla owned Zuari group and OCP group of Morocco.
The losses, which were Rs. 230 crores in 2001-02 is likely to be below Rs 60 crore this year, pointed out a company source, adding this has been possible through increased production of both finished products and intermediates, higher sales, introduction of new products and better productivity of workers.
Based on this improved performance, the company hopes to achieve break-even by 2003-04.Both sales and production of PPL have almost trebled in 2002-03 from 2001-02 level. The company produced 8 lakh tonnes of DAP fertilizer against rated capacity of 7.2 lakh tonnes and sold 7.5 lakh tonnes in the market. Similarly, production of intermediates such as sulphuric acid and phosphoric acid have increased with capacity utilisation going up from a mere 5 per cent to over 70 per cent.
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On the workers front, sources said, absenteeism is down by 60 per cent improving productivity. Besides, overtime has come down from 22 per cent to less than 5 per cent.
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