Mumbai, Jun 16: Punjab Chemicals and Crop Protection Ltd (PCCPL), one of India's leading companies in agrochemicals today announced a 276 per cent increase in its net profit for fiscal 2008 at Rs 2.51 crore. It reported a net sales turnover of Rs 562.21 crore during the year, up by 61.36 per cent from Rs 348.43 crore the previous year.
The Company in a release here said the Board of Directors have recommended a dividend of 40 per cent at Rs 4 for each equity share of Rs 10 each compared to 25 per cent at Rs 2.50 per share last year.
Punjab Chemicals have a capital expenditure plans of Rs 1,500 crore to Rs 2,000 crore for the next five years to tap both organic and inorganic opportunities. The Company recently issued 15.10 lakh warrants at Rs 136 to the promoters group and others. The warrant is convertible to equity shares in 18 months at the ratio to be fixed by the Board.
Punjab Chemicals expanded its horizons by acquiring Agrichem in Netherlands in August 2007 for 39.5 million euros, earlier they had acquired Sintesis Quimica in Argentina for USD 10 million and also entered into joint venture with US-based Agrochemical Company to increase their presence in US market as well. PCCPL continued to focus mainly on agro-based inorganic growth on formulations, with an eye on forward integration of its existing products in India.