Chennai-based producer and supplier of industrial gases, National Oxygen Limited (NOL), has posted growth of 12% in sales income of Rs 95m ($1.4m) during its second quarter ending 30th September 2015.
During the same quarter last year, the company’s income from sales was recorded at Rs 84.7m.
The company managed to cut its net loss to Rs 6.5m ($98,000) in the quarter, against a net loss of Rs 16.9m posted during the prior year quarter. Expense during the period dropped by just under 7% to Rs 84.9m ($1.2m) in the quarter ended September 2015.
NOL, part of the wider NOL Group, currently has a capacity of 2,500m3 per hour of oxygen/nitrogen gases and 2,00,000m3 per annum capacity of dissolved acetylene (DA) gas, having manufacturing facilities at Pondicherry and Tamil Nadu.
In addition to oxygen, NOL installed an additional facility for compressing waste nitrogen into commercial grade nitrogen and over the years has upgraded all of its facilities. NOL can now supply oxygen and nitrogen in liquid and gaseous forms to industries and hospitals through its own sales network.
The NOL product portfolio also includes liquid oxygen, liquid nitrogen, medical grade liquid oxygen, medical grade oxygen gas, high purity nitrogen gas, commercial grade argon gas, high purity argon gas. NOL clients include those in the space, petrochemicals, steel, pharmaceutical, refrigeration, hospitals, shipbuilding and repair and fabrication sectors.
Overall, during the first half 2015 period, NOL’s income from operations was up by 6.5% to Rs 170.6m ($2.5m), compared to Rs 160.2m during the same period last year.
The company’s net loss during the first half period was at Rs 23m ($348,000), as compared to a Rs 47.18m net loss posted during first half 2014.