Ahmedabad, Jul 1 (UNI) Anil Products Ltd (APL), one of India's largest corn wet millers and leading manufacturerers of starch, today reported a 32.19 per cent increase in annual profit for the financial year ended march 31, 2008.
According to the audited annual results, APL's annual profits stood at Rs 7.23 crore in 2007-08 against Rs 5.4 crore for the previous fiscal. The rise in profits was substantially aided by improved operational efficiencies and growing sales of higher-value modified starch range of products, a company release said here.
The release said the company recorded an EBIDTA of Rs 25.87 crore and gross income of Rs 244.7 crore in 2007-08 against an EBIDTA of Rs 18.8 crore on gross income of Rs 216.98 crore in 2006-07.
Profit before tax for 2007-08 was higher by 39 per cent at Rs 18.81 crore, while it was Rs 12.25 crore in 2006-07.
Commenting on the results, APL managing director Amol Sheth said ''We continue to improve our profits while investing for future growth with a persistent focus on achieving higher EBIDTA through twin track approach of better operational efficiencies and higher sales of value added products.'' ''The APL registered a 37.23 per cent increase in EBIDTA for 2007-08.
On the operational side more efficient energy utilization and better yields have contributed significantly. On the topline side, income from value added modified starch is on the rise. In 2007-08, modified starch products accounted for almost 20% of income,'' Mr Sheth said.
APL is an early mover in the high value modified starch space.
Demand for modified starch is growing in india and export markets in food, paper and textile industry.
During the year, the company launched an array of innovative modified starch products for the customer industries. These have been well received by customers.
''Our efforts to establish our presence in the international markets for modified starches have started yielding results as we have been able to establish our competitiveness against international players in terms of quality and price,'' he said.
''We have a strong R &D capability. We are geared to leverage window of opportunity for growth by rapidly expanding our range of modified starch products and increasing our capacity for modified starch,'' Mr Sheth added.
UNI MP SSS AG1830