Balmer Lawrie and Co.Ltd leverages every change as an opportunity and remains profitable by strengthening core businesses, says C&MD.
Kolkata, Sept 12 (IBNS): Balmer Lawrie and Company Ltd. has recorded net turnover of Rs. 1,797 crore during 2017-18 as against Rs. 1,779 crore in 2016-17 registering an increase of approximately 1%.
The company has as well recorded a profit before tax of R. 261.12 crore in 2017-18 as against Rs. 254.11 crore in 2016-17.
This was stated by Prabal Basu, Chairman and Managing Director (C&MD) Balmer Lawrie & Company at its 101st annual general meeting held in the city on Wednesday.
Basu said that the increase is attributed to improved performance of various strategic business units (SBUs), Travel, Vacations and higher dividend income earned during 2017-18.
Basu stated that the company has completed 151 years of its existence and still becoming stronger. It has survived many challenges, reinvented itself and adapted to various changes in order to compete with the market.
It leveraged every change as an opportunity and remained profitable by strengthening core businesses, foraying into new businesses and exiting those which were not doing well, he added.
Calling it the diversified PSU, Basu said that industrial packaging unit (IPU) has managed to increase its volume over the last few years. A new manufacturing facility is being set up at Vadodara, Gujarat, which is expected to be commissioned shortly and will provide a significant edge to the SBU for further growth. He informed that greases and lubricants (G&L) unit has achieved an excellent growth of more than 25% in sales volume during 2017-18.
During the current year, G&L has been able to maintain its overall performance in terms of production and sales as compared to the last year, he added.
He said, "Considering the potential in cold chain logistics, the company has set up two temperature controlled warehouses, one at Hyderabad and other at Rai, Haryana."
The third one at Patalganga near Mumbai is expected to be ready for commercial operation by end of 2018, he added and informed that the company is in the process of commissioning the Multi-Model Logistics Hub (MMLH) at Visakhapatnam in partnership with Visakhapatnam Post Trust (VPT) for handling exim and domestic cargo.
S.S.Khuntia, Director, Finance &CFO; Kavita Bhavsar, Company Secretary; D. Sothi Salvam, Director, Manufacturing and Business; K. Swaminathan, Director, Service Business, Ratna Sekhar Adikari, Director, HR&CA among others were also present on the occasion.
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