The organization, which produces polymer utilized in making plastic substances, recorded a Rs 309.5-crore loss in 2018-19 in comparison with Rs 102.4-crore profit in the past.
HPL is an unlisted agency, majority owned by using the Chatterjee Organization, headed by using Purnendu Chatterjee. West Bengal industrial improvement corporation, the Bengal government’s premier industry advertising outfit, is an enormous minority shareholder.
Score company ICRA, Moody's Investors Service Enterprise, which periodically assesses the mortgage contraptions of HPL, shifted the outlook to “negative” from “stable”, whilst reaffirming a score on the long-time period loans after the economic results.
However, it additionally noted the inherent energy of the agency, thanks to the profitable length of the last three years and a wholesome coins position.
The enterprise pointed out 3 key motives for the trade in outlook. The revision is due to a weaker than anticipated performance in 2018-19, subdued enterprise outlook as a result of which tolling margins are predicted to remain weak over the near to medium time period and great investments in subsidiaries and loans and advances to group corporations.
The manufacturing plant, where a first-rate fire claimed 3 lives in September and halted production, couldn't produce to its foremost stage for 2 months inside the remaining financial as nicely due to a renovation shutdown spanning in May -June 2018.
“The worldwide running charges of ethylene plants had peaked in 2017. But, the enterprise is now passing through a section of capacity funding. As a result of delivering overhang, ethylene overcapacity and downcycle in margins are projected via 2023,” said an ICRA file at the demanding situations in advance for Indian petrochemical producers that got here out in September.
Tags : Consecutive earnings , Haldia Petrochemicals,