Mangalore Chemicals and Fertilizers Ltd (MCFL) today posted a 33.68 per cent jump in its standalone net profit at Rs 20.52 crore for the September quarter of 2017-18, and its board also gave in-principle nod to setting up a new plant at a cost of Rs 600 crore.
The board, in its meeting today, gave in-principle approval to establishing a new NPK plant having 8,00,000 tonnes per annum capacity in Mangaluru of Karnataka.
In a regulatory filing, MCFL said its standalone net profit rose to Rs 20.52 crore during July-September, from Rs 15.35 crore in the year-ago period.
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Net income declined to Rs 807.55 crore from the earlier Rs 849.46 crore, but the company's expenses came in lower at Rs 776.44 crore in the period under the review as against Rs 826.38 crore previously.
In a separate statement, MCFL's group firm Adventz said the company has decided to set up an NPK line with capex of Rs 600 crore at Panambur in Mangaluru.
MCFL has a urea plant near the Mangalore port with an annual capacity of about four lakh tonnes and three lakh tonnes of phosphatic fertilisers. Its products are marketed under the 'Mangala' brand.
The stock rose 3.98 per cent to settle at Rs 74.50 on the BSE today.
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