Bengal Chemicals & Pharmaceuticals (BCPL), a PSU under the Ministry of Chemicals and Fertilisers, has posted a net profit for the second successive fiscal in 2017-18, after suffering losses since 1953.
The company clocked a net profit of Rs 8.91 crore in the last fiscal on a revenue base of Rs 80 crore.
"BCPL registered net profit of Rs 8.91 crore in the last fiscal for the second year in a row. In the current fiscal, we are tagetting a net profit of Rs 15 crore and the revenue to touch Rs 100 crore," MD of BCPL P M Chandraiah said.
The company is eyeing a turnover of Rs 200 crore by 2019-20, he told reporters here today.
Chandraiah said that the government gave a package of Rs 450 crore in 2006 to modernise and revive the company.
Saying that BCPL is totally debt-free now, he added that the company would gradually meet up the balance principal payment of Rs 16 crore due to the government by December 31, 2018.
On paying up the accumulated interest on government loans amounting to Rs 75 crore, Chandraiah said a waiver has already been sought.
BCPL manufactures home products, toiletries and pharmaceuticals (antibiotic injectables, tablets and capsules).
With factories located in Maniktala and Panihati (West Bengal), Mumbai and Kanpur, the company had written to the ministry to re-start manufacturing of anti-venoms, the approval of which is yet to come, he said.
The government in 2016 decided on a strategic sale of BCPL, he said, adding that there had been no progress so far on the matter.
Chandraiah said that all statutory dues of the employees had been cleared as on March 31, 2017.
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