November 29, 2022 [Businessday] – The liquid storage tank (LST) provider said that 19% of its new and upcoming capacity at the JNPT terminal has been locked in through the closure of a long-term contract for storage and handling, prior to its scheduled commencement in March 2023.

The contract is signed with a leading chemical manufacturer starting with a 3-year renewable term, for storing and handling two tanks totaling up to 3,640 metric tonnes. The annual revenue, resultantly, is fixed at approximately at Rs 4 crore, subject to a certain throughput.

The new and upcoming special chemical grade terminal at JNPT for 17,876 KL has been constructed to meet long term demands for storing and handling specialty chemicals such as Dilute Nitric Acid.

“Early-stage discussions to fulfill the balance capacity of the new terminal are in place, and would be announced soon, the company said in a statement.

Ganesh Benzoplast (GBL) is one of the leading independent liquid storage tank (LST) provider, specializing in the storage and handling of all liquid chemicals and oil products and has storage terminals at Jawaharlal Nehru Port Trust – JNPT (Navi Mumbai), Cochin Port Trust – Cochin and Mormugao Port Trust – Goa. GBL is also in the business of manufacturing of speciality chemicals, food preservatives and oil additives having two factories at MIDC Tarapur(Maharashtra).

The company’s consolidated net profit zoomed to Rs 13.51 crore in the quarter ended September 2022 as against Rs 4.29 crore during the previous quarter ended September 2021. Sales rose 17.34% to Rs 95.84 crore in Q2 FY23 over Q2 FY22.

The scrip shed 0.30% to currently trade at Rs 148.70 on the BSE.

The stock has outperformed the market in past one year, up 91.22% as against Sensex’s 9.16% rise.

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