Kolkata, July 6 (IANS) State-run Bengal Chemicals and Pharmaceuticals has sought the Central government’s approval for a revision in pay scale of its employees after posting profit in the last two financial years, an official said here on Friday.
The company, founded by the Father of Indian Chemistry Acharya Prafulla Chandra Ray, has around 230 employees on its rolls and it has already approved the increase of pay scale from 1997 level to the 2007 level, which will result in an additional burden of around Rs 20 lakh per month, said company’s Managing Director and Director (Finance) P.M. Chandraiah.
“We have recently written a letter to the centre seeking their approval on scale revision,” he told reporters here.
According to him, the company was unable to implement the 2017 pay scale as its net worth is still negative (-Rs 92.04 crore in 2017-18).
“We have doubled our profit for 2017-18 to Rs 10 crore on a turnover of Rs 78 crore. In the current fiscal, we are aiming at Rs 20 crore net profit on a topline in excess of Rs 100 crore,” Chandraiah said.
In the first quarter ended June, it posted a profit of Rs 5.12 crore.
He said medicines contribute 64 per cent of its revenue, and home products constitute around 31 per cent.