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Bengal Chemicals eyes top slot in profit among 13 pharma CPSUs

Press Trust of India  |  Kolkata 

The country's first pharma company, the Bengal Chemicals and Pharmaceuticals Ltd (BCPL), Tuesday said it is optimistic to attain the highest profit for 2018-19 among 13 similar central PSUs.

"We hope our net profit will be the highest among all the 13 CPSU pharmaceutical companies of the country in FY19," BCPL managing director (additional charge) & finance director PM Chandraiah said.

The company, which had made a turnaround in 2016-17 with a profit of Rs 4.5 crore after decades of continuous losses, is expecting to register a net profit of around Rs 25 crore from an estimated turnover of Rs 100 crore.

The BCPL board will finalise its annual accounts on April 29.

Chandraiah said the Karnataka Antibiotics and Pharmaceuticals Ltd is its nearest competitor, registering a net profit of Rs 14.55 crore in 2017-18 from Rs 354 crore of turnover.

The BCPL registered Rs 10 crore profit with a 200 per cent jump over the previous year's net. Total income in FY'19 would be around Rs 120 crore from Rs 95 crore in the year before.

Chandraiah hoped to turn the company into a category I mini-Ratna by 2023-24, unless the Centre goes ahead with its proposed divestment.

The company trade union had moved court against the proposed divestment and asset sale proposals.

The BCPL was founded by eminent scientist and entrepreneur Acharya Prafulla Chandra Roy in 1901. It was nationalised in 1980.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, April 23 2019. 19:10 IST