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Citurgia Biochemicals Ltd.

BSE: 506373 Sector: Industrials
NSE: CITURGIBIO ISIN Code: INE795B01023
BSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
NSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
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Citurgia Biochemicals Ltd. (CITURGIBIO) - Chairman Speech

Company chairman speech

CITURGIA BIOCHEMICALS LIMITED CHAIRMAN'S SPEECH * Welcome the shareholders to the 26 Annual General Meeting. * Profit after Tax for 2000-2001 was lower at Rs. 91.89 lacs against Rs.379.13 lac for 1999-2000. * Dividend recommended at 15%, which will absorb Rs.55.89 lac (Rs.50.72 lac as Dividend and Rs.5.00 lac as Dividend Tax) as against 25% paid last year. PERFORMANCE FOR 2000-01: Citric Acid * Highest ever production achieved at 6,162 MT as against last year's production of 6,112 MT, an increase of 0.80%. * Sales higher by 5% at 5,948 MT compared to 5,682 MT last year. * Chinese Citric Acid continued to arrive. Citric Acid also arrived from countries like Singapore, Taiwan and Korea, which do not produce it. The Company has taken-up the matter with the customs authorities. * The natural gas-based co-generation plant has been commissioned in January,2001 and this will improve the profitability of the Citric Acid operations in future * Due to lower production of Molasses and exports out of the state & the country on a large scale, its price in Gujarat went up to around Rs.1,500/- per MT from last year's high of Rs.800/- per MT. The price is expected to increase substantially in this year until the start of the new crushing season in November. * The Company has been making continuous efforts to reduce the cost of production which will help to improve the profitability of Citric Acid operations. Calcium Carbonate * Production had to be curtailed due to continued sluggishness in the market and was lower at 33,584 MT as against 36,638 M.T. for 1999-2000. * Sales have been lower by 4.3% at 34,842 MT as against 36,359 M.T. for 1999-2000. Demand in major industries like PVC pipes and toothpaste was low. * The exports at 2,790 MT valued at Rs.282 lac have been more than 100% as against 1,285 MT valued at Rs.133 lac in the previous year. * The existing coal-fired boiler will be converted into a Fluidized Bed Combustion (FBC) coal-fired boiler, which is expected to improve efficiency and reduce fuel cost. * The Company has been making continuous efforts to reduce the cost of production and to improve the profitability of the Calcium Carbonate operations * The Company has obtained a Licence from the Office of Drug Controller in Uttaranchal to manufacture and market some of the grades of Calcium Carbonate as per IP (Indian Pharmacopoeia) specifications. Turnover * The turnover of the Company for the year 2000-2001 was marginally higher at Rs.7,835.17 lac as against Rs.7,699.89 lac for the year 199-2000. Industrial Relations * Industrial Relations were cordial. CURRENT YEAR'S PERFORMANCE (April 2001 to June 2001): Citric Acid * Production is 1,520 MT as against 1,517 M.T. during the same period last year. * Sales are nearly the same at 1,640 M.T. as against 1,654 M.T. during the same period last year. Calcium Carbonate * Production is 8,760 M.T. as against 9,005 M T. during the same period last year * Sales are lower by 8% at 8,468 M.T. as against 9,141 M.T. during the same period last year. The sales include exports of 533 M.T. against the figure of 716 M.T. for the same period last year Turnover * The turnover of the Company is nearly the same at Rs.2,019 lac as against Rs.2022 lac during the same period last year. Profit * Profit before VRS & Tax is lower at Rs.7 lac as against Rs.36 lac for the same period last year.

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