Coastal Corporation jumped 6.58% to Rs 424.90 after the company announced that it will soon commence operations at its new plant (Unit III) at Kakinada SEZ in Andhra Pradesh.
Coastal Corporation said that it invested Rs 70 crore in Unit III. The facility is a completely integrated and has production capacity of 35 MTPD. The trial production at the facility was conducted on 5 April 2022 and the commercial production will start in the next 10 to 15 days.The Unit III will augment the company's value-added supply to various parts of the Globe. It will serve as an important base for expanding global sales in the future, the firm said in a statement.
"This development is in line with the company's commitment towards fostering sustainable growth while also creating job opportunities in the region. This capacity addition will enable us to expand our footprints and ensure sufficient and timely supplies thereby adding to efficiencies of the supply chain," the company said.
Furthermore, the company informed that its 3.6 MW DC Solar power plant project in Srikakulam is likely to commence next week. The company has received approval from Andhra Pradesh Chief Electrical Inspector to Govt.(APCEIG) for captive consumption. The company will receive credit set off of units consumed at Unit-I, II & III to the extent of units generated at solar plant. This initiative to move towards renewable energy will reduce the power cost and the company's dependence on Andhra Pradesh Eastern Power Distribution Company (APEPDCL).
Coastal Corporation is engaged in processing, production, and distribution of seafood, globally. The company exports various grades of shrimp to countries such as the United States, Europe, Canada, the United Arab Emirates, Saudi Arabia, and Hong Kong.
On a consolidated basis, the company reported a 37.2% rise in net profit to Rs 4.72 crore on a 16.1% increase in net sales to Rs 146.13 crore in Q3 FY22 over Q3 FY21.
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