Chennai:
Madras
Fertilizers Limited has made a profit of Rs 46.24 crore during the first
quarter of 2013-14 which is quite higher than any quarter since 1993.
Addressing
a press conference here, chairman and managing director of MFL I Vijayakumar
and the director M Sagar Mathews said that this was achieved, as the production
of urea was 1.37 lakh metric tonnes as against the target of 1.10 lakh MT
during the quarter. “Capacity utilization of urea was more than 100 per cent
and there was no shutdown during the period,” they said.
Vijayakumar
said that the sales turnover was Rs 664 crore during the quarter and MFL
expects to achieve turnover of Rs 3000 crore during the current fiscal.
He also
said that the company is in the process of conversion of feed stock from Naptha
to Gas and expected to process Gas feed stock from middle of next year.
MFL is
also having talks with Ennore Tank Terminals Pvt Ltd for port facility to
import 60,000 metric tonnes of ammonia in lieu of costly naptha based captive
ammonia to be used in complex fertilizers production for cost competitiveness
and improvement in profitability.
Vijayakumar said that the company is examining
feasibility of development of Modern Logistics Park which include container
freight station (CFS), container depot and warehousing in its premises to
utilize 140 acre vacant land available for generation of additional revenue as
the site is strategically located between Chennai and Ennore Port.
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