Gokul Refoils' net up by 45%

Gokul Refoils & Solvent Limited (GRSL), one of India's leading edible oil companies in the FMCG sector, posted a 45 per cent rise in net profit at Rs 61.7 crore for the year ended March 31, 2011 compared to Rs 42.6 crore in FY10. The company's net sales during the period grew by 61 per cent at Rs 4536.2 crore as against Rs 2818.6 crore in FY10.

During the year,the company has increased its production capacity from 1914000 tonnes per annum (tpa) in 2010 to 2394000 tpa as on date. It also commenced production at its Chillex plant at Sidhpur with a capacity of 500 tonnes per day and expanded castor seed processing capacity by 800 tonnes per day. The contribution of branded goods towards total sales increased from 43 per cent in FY10 to 50 per cent in FY11. As an initiative to increase its branded sales proportion, the Company has placed its products in Big Bazaar, Spencer& National Handloom and is in talks with other retail outlets like Star Bazaar, Reliance Retail and D-Mart.

Commenting on the Company's financial performance, Praveen Khandelwal, vice-president, corporate strategy, GRSL, said: "Despite continued inflation and increase in food prices, an improved performance augurs well for the company’s future prospects. We are working towards widening our distribution and retail network to serve an ever increasing customer base. "