BCPL records net profit of Rs.8.91 cr in 2017-18

Bengal Chemicals & Pharmaceuticals Ltd. (BCPL), which has been ranking as ‘Excellent’ for three last financial years, has reported a net profit of Rs.8.91 crore in 2017-18 as per its Flash Results, as against reporting of a net loss of Rs.36.55 crore in 2013-14 under the leadership of PM Chandraiah, MD in additional charge and Director (Finance).  With this achievement, BCPL is now running its operations and also achieving the milestones which were laid down in its “VISION AND STRATEGY DOCUMENT” circulated vide Circular No.42/2016 dated June 13, 2016.  The financial highlights of 2017-18 vis-à-vis 2013-14 are given hereunder:  BCPL achieved a Net Profit of Rs. 8.91 crore in 2017-18 (doubled its Net Profit as compared to previous year) against reporting of Net Loss of Rs.36.55 Crore in 2013-14 which is highest ever profit achieved by the Company in its 118 years existence, is a rare achievement in the history of Corporate World especially after reporting of continuous Losses for more than 60 years. BCPL has repaid the entire Bank Loan of Rs.28 crore to United Bank of India in 2016-17/2017-18 from its cash generation and got released its mortgaged Corporate Office Building at Kolkata, which was mortgaged in 1983. BCPL has repaid the Government of India Loan of Rs.6 Crore in 2017-18 and assured/promised to repay the entire interest bearing GoI Loans by 31st December, 2018. BCPL consecutively got “Excellent Corporate Governance Ratings” in 2015-16, 2016-17 & 2017-18 compared to Poor Rating in earlier years.  BCPL Industrial Relation situation, Overall Discipline in the Company, Punctuality of Employees, Corporate Governance, etc have improved a lot since 2015. Further, due to the improvement in the financial position of the Company and Net Cash Generation, we have repaid the entire Bank Loan of Rs.28 Crore to United Bank of India and now BCPL is a debt free company (except Govt. of India Loans).  By repaying the Bank Loan, BCPL got released its mortgaged Corporate Office Building at Kolkata, which was mortgaged as early as in 1983. Further, BCPL has paid Rs.6 crore to Government of India in 2017-18, towards repayment of loans taken in the year 2005 and 2006, which is also first time in the history of  BCPL.  BCPL also created a  history  and paid the  entire  due  amounts to its suppliers, contractors and employees as on March 31, 2018, which has happened first time in its history of 40 years as Government Company.