News Brief | September 2016
Haldia Petrochem to post 3-fold increase in revenue
Haldia Petrochemicals Ltd (HPL), once considered a ´potentially sick´ firm, is set to post a three-fold increase of in its top line at Rs.10,000 crore for 2015-2016, company sources said. Its revenue during 2014-15 was only Rs.3,097 crore, because its plants were shut from July 2014 to January 2015 due to acute cash crunch. In 2013-14, it earned Rs.8,130 crore though posting net losses.´At this time, the economy is upbeat as we too are upscale and are utilising 95 per cent of the seven million tonnes of installed capacity,´ a senior HPL official said. During 2011-12, the situation in HPL started worsening as operations got seriously affected due to cash crunch It took the firm on the verge of being reported to the Board for Industrial and Financial Reconstruction For 2014-15, HPL´s gross profit stood at Rs.498.6 crore. For 2015-16, too, the firm is bullish on reaping profits.
Contact: Haldia Petrochemicals Ltd