Bengal Chemicals & Pharmaceuticals Limited, founded by “Master of Nitrites” Acharya Prafulla Chandra Ray, posted a net profit after 63 long years. With the 1.16 crore INR in the first half of 2016, this 115 year old PSU could be on the verge of bouncing back. Company managing director CMA Chandraiah PM says he is expecting 107 crores of turnover this fiscal with 3 to 4 crores of net profit.
Acharya Prafulla Chandra Ray founded Bengal Chemicals in 1901 when independence movement was in full swing. The Kolkata based company was patronised by a number of eminent doctors and nationalists of the age. It soon grew to be a household name. However, after Ray’s death, Bengal Chemical’s lack of marketing and overabundance of employees started to weigh it down. It was sent to BIFR in 1992.
Modernisation package by the government was brought in 2006 and the company has recovered from its hefty losses. BCPL DGM Tapan Chakraborty lamented Bengal government’s disinterest in helping BCPL. At the moment the pharmaceutical division of the company is pulling in most of the revenue. This profit could be the guiding light for this century old company that symbolises India’s independence movement.