Vimal Oils plans to make foray into bakery businessApril 25th, 2008 - 6:12 pm ICT by admin
Ahmedabad, April 25 (IANS) Leading edible oil producer Vimal Oil and Foods Ltd, which posted an impressive growth in the 2007-08 fiscal, is planning to expand its existing operations and also to make a foray into bakery business. “The good performance of the company (in the last fiscal) has prompted us to look into the future. We feel that time is good for expanding oil refining operations and also for making a foray into manufacture of bakery products,” said Vimal Oil managing director Jayesh Patel while announcing the company’s annual results here Friday .
He, however, declined to give more details about the company’s future plans.
The Mehsana-based Vimal Oil, a subsidiary unit of Vimal Group of Industries, has posted a 30 percent increase in net sales income at Rs.6.34 billion ($158.5 million) for 2007-08 compared to Rs.4.87 billion of the previous fiscal.
The profit before tax during the period under review rose to Rs.91.1 million from Rs.54.5 million of 2006-07.
The profit after tax for 2007-08 is estimated at Rs.73.1 million against Rs.41.5 million of the previous fiscal, a growth of 76 percent.
Vimal Oil currently has an oil-processing complex comprising seed crushing unit of 200 tonnes per day, solvent extraction unit of 200 tonnes per day and an oil refining capacity of 300 tonnes per day. It makes cotton seed, groundnut, soya, mustard and palm oils which are sold under Vimal brand name.
The net sales income for the last quarter of 2007-08 is estimated at Rs.2.13 billion compared to Rs.1.42 billion of the corresponding period of the previous year. The net profit during the period rose to Rs. 31.9 million from Rs.12.5 million.
Patel, however, said part of the increase in sales income and profit could be attributed to the high prices of edible oils.
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