Bannariamman posts Rs 9571.66 crore profit

Coimbatore, June 28 (UNI) The Bannariamman Sugar Limited today announced that it had achieved a profit before tax of Rs 9571.66 lakh during the fiscal ended March 31 this year, compared to last year's Rs 5626.21 lakh.

The profit was up by 70.12 per cent over the previous year. The net sales also went up to Rs 62.827 lakh this year, up by 28.92 per cent compared to Rs 48.732 lakh last year.

The Board of Directors which met today recommended a dividend of 70 per cent, a release from the company here said.

The focus for the current fiscal (2006-07) would be to increase the crushing of sugarcane to 28 lakh tonnes, against the present crushing of 17.19 lakh tonnes by expanding the capacity of its sugar plant at Nanjangud in Karnataka. The present 5,000 tonnes crushed per day would be increased to 7,500 tonnes from next month.

The company was planning to set up a Bio-diesel plant at Satyamangalam. The proposed plant which would have an initial capacity to produce 3000 litres per day, would be stepped up to produce 30,000 litres per day in the next five years.

Shiv Distillery, a sister concern of the company would make available the Jatropa seeds to produce Bio-diesel. The Tamil Nadu government had authorised Shiv Distillery to cultivate Jatropa on contract farming covering the districts of Coimbatore, Erode, Dindigul and Karur. The current 1400 acres under Jatropa cultivation would be increased to 40,000 acres over the next five years.

Bannariamman Sugars would also increase the production of refined sugar and pharmaceutical grade sugar, curently utilizing 20 per cent of the installed capacity, which was at 1000 quintals per day. This would be increased to 50 per cent next year. The company would also foray into sachet and sugar cubes market soon, the release added.

UNI KS ROY 1956