HPL expects Rs.10,000 cr turnover this fiscal

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SME Times News Bureau | 11 Jun, 2011
Haldia Petrochemicals Ltd (HPL) is expected to achieve a turnover of Rs.10,000 crore in fiscal 2011-12, a top company executive said on Friday.

"There is turnover growth...this year we expect a turnover of Rs.10,000 crore. The turnover was Rs.7,800 crore last fiscal," HPL managing director Partha Bhattacharyya told reporters on the sidelines of a programme organised by the Indian Chamber of Commerce (ICC).

Noting that the company was making losses during the last three financial years, he said its EBITDA (earnings before interest, tax, depreciation and amortisation) was negative in May and will also be negative in June.

He said the company's margins have been affected due to the import duty on naphtha.

"Crude oil prices increased, naphtha price increased, but product prices did not increase," Bhattacharyya added.

HPL vice chairman Purnendu Chatterjee May 30 had outlined an ambitious plan of investing Rs.4,000 crore within the next four years.

"Investment will also be made in setting up three separate poly-parks, each of 100 acres," Chatterjee, who is also chairman of The Chatterjee Group (TCG), had told reporters.

Getting land for the projects would not be a problem as the West Bengal Industrial Development Corporation (WBIDC) had informed that the land was already in its possession, he added.