Sukhjit Starch and Chemicals Ltd (SSCL) today said it is set to commission new expansion at its manufacturing facility at Una in Himachal Pradesh with an investment of Rs 25 crore as it eyes topline reaching Rs 500 crore by end of current fiscal.
"We will commission expansion in our plant in Una involving capital outlay of Rs 25 crore by end of current quarter," company's CEO, Bhavdeep Sardana told PTI today.
Post expansion, the installed capacity of the plant will double from 150 tonne per day to 300 tonne per day of corn grinding.
The overall capacity of the group will reach 1,150 tonne per day, he informed.
SSCL has manufacturing facilities in located in Phagwara (Punjab), Nizamabad (Andhra Pradesh), Malda (West Bengal) and Gurplah, Una (Himachal Pradesh).
With expansion in Una and recent ramping up capacity at its West Bengal facility, the company is eyeing turnover of Rs 500 crore by end of current fiscal.
"We are looking at topline of Rs 500 crore by end of 2013-14," he said. In last fiscal, the standalone turnover of the company was Rs 418.72 crore.
The company today reported 29 per cent drop in its net profit to Rs 5.11 crore for the third quarter ending December 31, 2013. The net sales of the company grew by 14 per cent to Rs 133.58 crore for third quarter as against Rs 116.89 crore in corresponding period of last fiscal.
"The growth in sales of the company has come on the back of operationalisation of the enhanced capacities of its Malda unit in West Bengal," said Sardana.
Sardana also appreciated the Punjab government's initiative of encouarging maize cultivation in the state as part of its crop diversification programme in order to conserve its depleting water resources.
This effort is expected ro ease out the availability of raw material position for the northern units in the coming quarters.