Kolkata-based cryogenics and industrial gases manufacturer Ellenbarrie Industrial Gases Limited has recorded an 86% increase in net loss for its fiscal second quarter ended 30th September (2015).
However, during the same quarter, the company’s total sales increased 13.8% to Rs 249m ($3.7m), against Rs 218.8m ($3.2m) posted during the prior year’s second quarter.
Total expense during the period also increased to Rs 250.7m, registering an increase of Rs 39.1m ($587,000) or 18%, compared to Rs 211.6m ($3.1m) incurred during the same quarter last year.
Though the company’s overall income from sales increased to Rs 493.4m ($7.4m) during the first half of the year from April to September 2015, its net loss increased further to Rs 66.2m ($990,000) in this period, compared to Rs 25.8m posted during the previous year’s first half.
The company has a capacity of 245 tonnes per day (tpd) at its plants for liquefied oxygen, nitrogen and argon gases. It also has a packaging, refilling and acetylene plant, a fleet of 80 tankers and a steel trading business.
Ellenbarrie Industrial Gases became a wholly-owned subsidiary of Japanese industrial gas major Air Water Inc. in 2013, after it acquired a 51% stake in the company for around Rs 1bn ($15m).
As per the company’s vision for 2020, it plans to have presence in all geographies of India, with plans to increase its product line-up in gases and also diversify into the sale of related equipment. Ellenbarrie reportedly plans to set up a 120 tpd capacity plant in Mahaboobnagar, Telangana.