Riddhi Siddhi Gluco net profit up by 75 per cent

Ahmedabad, Jul 29 (UNI) Riddhi Siddhi Gluco Biols Ltd (RSGBL), the largest manufacturer of starch and its derivatives in the country, has achieved a net profit of Rs 821.86 lakh for the first quarter of financial year 2009 as against net profit of Rs 470.09 lakh for the corresponsinding period in the previous year, showing a growth of 75 per cent in net profit.

Earning before interest depreciation and tax (EBIDTA) is Rs 2,117.75 lakh during quarter ended June 2008 as against Rs 1,162.54 lakh for the corresponding quarter of the previous year.

Commenting on the results, RSGBL Managing Director Ganpatraj Chowdhary said ''it is the beginning of impressive performance as we had increased the total grinding capacity of the company at five lakh tonnes per annum.'' He said the scenario of corn price in international market has been on constant rise as compared to Indian market and hence demand of starch and its drivatives from India is expected to further increase on account of favourable corn price specially from Middle East and South East Asian countries.

Ahmedabad-based RSGBL has four state of the art plants located at Viramgam in Ahmedabad, Gokak in Karnataka and Pantnagar in Uttrakhand with aggregate maize processing capacity of five lakh tonnes per annum and a bio-polymer plant at Pondicherry for producing speciality starches for paper industry.

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