Bengal Chemicals & Pharmaceuticals Ltd aims at Rs 36 crore net profit by 2020

Kolkata: Bengal Chemicals and Pharmaceuticals Limited, (BCPL), the country's first pharma company has set a target of clocking a net profit of Rs 36 crore by 2020.

"By 2020, we are confident of Rs 36 crore net profit on revenues of Rs 150 crore," Managing Director of BPCL PM Chandraiah said at a press conference on Friday. It may be mentioned that Chandraiah's optimism comes from the fact that the company registered a growth of over 123 percent in the fiscal ended March.

BCPL has doubled its profit for 2017-18 to Rs 10 crore on a turnover of Rs 78 crore. "In the current fiscal, we are aiming at Rs 20 crore net profit on a topline in excess of Rs 100 crore," Chandraiah maintained.

He announced that the company has achieved a net profit of Rs 512 lakh in the first quarter ended June 30, which is more than the yearly profit of Rs 451 lakh reported by the company in the entire financial year 2016-17.

"The company has reported a net turnover of Rs 2,386 lakh in the first quarter of 2018-19 as against a meagre turnover of Rs 1,584 lakh reported in the corresponding quarter of previous year, which is 51 percent growth," he added.

Chandraiah said the worst year of BCPL was 2013-14 when the company had posted a net loss of Rs 36.55 crore. "I am aiming to reverse the same in 2020," he said.

The company, which presently earns a revenue of Rs 60 crore 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. The company feels that it has the capacity of garnering a revenue of Rs 500 crore from the pharma segment.

It may be mentioned that the Niti Aayog had recommended a strategic sale of the company, following mounting losses till 2015-16.