New Delhi, Oct 26 (PTI) Mangalore Chemicals andFertilizers Ltd (MCFL) today posted a 33.68 per cent jump inits standalone net profit at Rs 20.52 crore for the Septemberquarter of 2017-18, and its board also gave in-principle nodto setting up a new plant at a cost of Rs 600 crore.
The board, in its meeting today, gave in-principleapproval to establishing a new NPK plant having 8,00,000tonnes per annum capacity in Mangaluru of Karnataka.
In a regulatory filing, MCFL said its standalone netprofit rose to Rs 20.52 crore during July-September, from Rs15.35 crore in the year-ago period.
Net income declined to Rs 807.55 crore from the earlierRs 849.46 crore, but the company's expenses came in lower atRs 776.44 crore in the period under the review as against Rs826.38 crore previously.
In a separate statement, MCFL's group firm Adventz saidthe company has decided to set up an NPK line with capex of Rs600 crore at Panambur in Mangaluru.
MCFL has a urea plant near the Mangalore port with anannual capacity of about four lakh tonnes and three lakhtonnes of phosphatic fertilisers. Its products are marketedunder the 'Mangala' brand.
The stock rose 3.98 per cent to settle at Rs 74.50 on theBSE today. PTI LUXARD.
This is unedited, unformatted feed from the Press Trust of India wire.