Kolkata: For the first time in six decades, Bengal Chemicals and Pharmaceuticals Ltd (BCPL) has reported a net profit of Rs 4 crore.
“We made a net profit of Rs 4 crore in 2016-17 and are looking at a minimum Rs 10 net profit in 2017-18,” BCPL managing director and director (finance) P.M. Chandraiah said on Wednesday.
BCPL, India’s first pharma company founded by the “father of Indian chemistry” Acharya Prafulla Chandra Ray, which was running in profit till 1940s, had posted a net loss of Rs 9.13 crore in 2015-16.
“We have made a turnaround. And we expect a turnover of Rs 200-Rs 300 crore and a net profit of Rs 30 crore in the next five years,” Mr Chandraiah said.
BCPL will start commercial production of injectibles in its Maniktala plant from May.
“ The injectible segment will earn a revenue of Rs 50 crore for the company,” he added.
A top company official added that BCPL is also in the process of commencing online sales for which they have already identified a partner.
Mr Chandraiah, who has written a few months back to all the 300 public sector undertakings for placing procurement order with BCPL, has already bagged orders from as many as 10 companies such as SBI, NTPC, NHPC and Railtel.
“They have started procuring medicines and home products. And we have been able to repay bank loan of Rs 13 crore. We hope to clear the remaining bank loan of Rs 13 crore by December,” he said.
He said he has asked the government to reduce the interest rate at par with the market rates.
The Bengal-based company with 320 employees has about Rs 215 crore outstanding loan with accrued interest to the Central government.
The pioneering company manufactured chemicals, drugs, pharmaceuticals and other home products, using indigenous technology, skill and raw material. After remaining on top for decades, the decline of Bengal Chemicals started in 1960s.
