Mangalore Chemicals and Fertilizers has received approval from Karnataka government to manufacture urea, basic organic chemicals and other specialty fertilizers in Panabur village of Mangalore district of the state. The company will invest Rs 483 crore to produce these fertilizers in this fertilizer unit as per the state government.
Mangalore Chemicals and Fertilizers has a capacity to manufacture 217,800 tonnes of ammonia, 379,500 tonnes of urea, 255,500 tonne of phosphatic fertiliser, 15,330 tonne of ammonium bi-carbonate and 33,000 tonne of sulphuric acid per annum. The current approval is expected to boost production capacity of urea and other specialty fertiliser at the Mangalore unit.
Mangalore Chemicals and Fertilizers reported a 5 per cent rise in its net profit to Rs 9.50 crore in the fourth quarter of last financial year against Rs 9.05 crore posted a year earlier. The total income of the company, however, dropped 20.5 per cent to Rs 382.65 crore during this period compared to Rs 480.85 crore reported earlier. Operating profit rose around 5 per cent to Rs 19.67 crore in Q4 of last financial year. On annual basis, the company has reported a 35.65 per cent rise in its net profit to Rs 76.63 crore in FY11 as compared with Rs 56.49 crore reported a year earlier. Total income grew by 20.5 per cent to Rs 2,507.86 crore in the last financial year as compared with Rs 2,081.73 crore posted in the same period last year.