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Gujarat NRE sees FY11 revenue at Rs2,000 crore

Gujarat NRE sees FY11 revenue at Rs2,000 crore
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First Published: Thu, May 13 2010. 04 01 PM IST
Updated: Thu, May 13 2010. 04 01 PM IST
Kolkata: Metallurgical coke producer Guajart NRE Coke expects revenue of Rs2,000 crore in the year to March 2011, managing director Arun Kumar Jagatramka told reporters on Thursday.
“Considering the current demand-supply scenario, coke should remain in short supply during FY11 and coke prices are expected to firm up from the current levels of $500-550 a tonne. So our topline should touch Rs2,000 crore during 2010-11,” he said.
However, he added, for FY10 total revenue is expected at around Rs1,500 crore, lower than Rs1,550 crore reported during FY09 on the account of subdued coke prices.
“During FY09, the coke prices touched $700 a tonne, which considerably increased our revenue. Compared to this, in the last fiscal it came down to $240-250, hence our FY10 revenue would be lower than FY09,” he said.
New Coke Plant
Meanwhile, the Kolkata-based company is planning to set up a new coke manufacturing facility in the southern state of Andhra Pradesh with an estimated investment of Rs800-1,000 crore, Jagatramka said.
“We are in the process of acquiring the land. The plant will have an annual capacity of 1 million tonnes of coke including a 60 MW captive power plant,” he said.
The construction work at the site is expected to start by December 2010 and it is expected to be operational by December 2013, he added.
Currently, Gujarat NRE produces 1.2 million tonnes of coke annually, he said.
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First Published: Thu, May 13 2010. 04 01 PM IST