Refuting reports that it is going to be closed down, India's first chemical and Pharma company Bengal Chemicals & Pharmaceuticals (BCPL) on Monday said it is in the path of turnaround and likely to become profitable this fiscal.
Refuting reports that it is going to be closed down, India’s first chemical and Pharma company Bengal Chemicals & Pharmaceuticals (BCPL) on Monday said it is in the path of turnaround and likely to become profitable this fiscal.
The Kolkata-based sick PSU said it has improved its financial performances in the last few years. The 116-year-old company narrowed down its loss at PBT (profit before tax) level to Rs 9.13 crore in the last fiscal from Rs. 17.32 crore in the previous fiscal. It registered a turnover of Rs. 88.19 crore in 2015-16, up from Rs. 45.84 crore in a year-ago period.
“A few media reports have recently indicated that our company is going to be closed down. It is very surprising. As far as the BCPL management is concerned and to the best of our knowledge, we do not have any instruction from the ministry to close down this prestigious company,” Bengal Chemicals’ managing director & director (Finance) PM Chandraiah told a media conference here.
Chandraiah said BCPL was in the path of turnaround and likely to become profitable in this financial year on the back of solid revival plans. “In the last 3-5 years the company has improved on all fronts. It is reviving rapidly. I am confident that BCPL will be making a net profit during 2016-17,” he said, adding the company had taken a slew of measures recently to become a profit-making PSU.
The company has three divisions– home care & personal care, pharma and chemicals. It is hopeful of garnering Rs. 100 crore revenue from its home care & personal care business in the next three years. While BCPL is planning to tie-up with a marketing firm to boost sales, it is also streamlining procurement processes to cut costs.
Bengal Chemicals is the first pharma company of India, founded by Acharya Prafulla Chandra Roy, the Father of Indian chemistry, in 1901. The company became the first Indian company to manufacture quality chemicals, drugs, pharmaceuticals and home products, employing indigenous technology and raw materials.
The company performed very well till early 70s. On December 15, 1977, the management of Bengal Chemical was taken over by the government of India and the Union government nationalized the organization on December 15, 1980. A new government company, Bengal Chemicals & Pharmaceuticals (BCPL) was launched on March 27, 1981.