Bengal Chemicals and Pharmaceuticals Limited eyes profit of Rs 150 cr in 2024-25
Kolkata: Bengal Chemicals and Pharmaceuticals Limited (BCPL) is eyeing a turnover of Rs 500 crore with a profit of Rs 150 crore in the financial year 2024-25.
This was announced by the company's managing director PM Chandraiah while sharing the company's financial results for the year 2018-19 on Tuesday.
The company, which had reported a net profit of Rs 4.5 crore in 2016-17, for the first time in six decades has made an income of Rs 120 crore and a profit of Rs 25 crore in fiscal 2018-19 and presently stands in the first position among the 13 PSUs in the health and pharma sector across the country.
"We have already started to push our products — primarily home care and personal care products— in the e-commerce sites too. At present, our FMCG offerings are available on Big Basket. We are in talks with some other e-commerce portals and also leading retail chains such as Spencers and Big Bazaar," Chandraiah said. The company is hopeful of becoming a debt free organisation by 2022 and will be able to wipe off bank loans entirely.
"The present loan to the central government is to the tune of Rs 200 crore out of which Rs 85 crore is the interest. We have already written to the Ministry of Pharma and Ministry of Health and Family Welfare pleading for interest waiver. If they are kind enough to waive off the interest we will clear the accumulated losses earlier than 2023," he added.
The company had paid Rs 13 and Rs 15 crores, respectively in 2016-17 and 2017-18 to clear the bank loans.
Founded by legendary chemist Acharya Prafulla Chandra Roy in 1901, BCPL has improved its performance from Poor Corporate Governance Rating in 2013-14 to Excellent Corporate Governance Rating from 2015-16 onwards.
Out of 13 PSUs, under the union Ministry of Pharma and Ministry of Health and Family Welfare, BCPL is the only PSU which has been awarded the Excellent Corporate Governance Rating for the year 2017-18.
According to Chandraiah, the Excellent Corporate Governance Rating shows that the company has improved not only in financial front but also in other areas. The company that presently earns Rs 65 crore revenue from medicines is in talks with the state government so that they get orders for medicines. Presently, the municipalities procure bleaching powder from BCPL. The company has earmarked one deputy manager for the purpose of taking it over with the state so that they place orders for antibiotics, ointments and other medicines.