CONFIDENCE PETROLEUM INDIA LTD
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BSE Code:
526829
NSE Code:
CONFIPET
Business Profile
Business Profile
Confidence Petroleum India (CONFIPET) is engaged in the liquid petroleum gas (LPG) bottling business. It was incorporated in July 1994 as a private limited company and converted into a limited company in September 1994. Earlier known as Deversa Gas-Chem, it got its present name on Feb. 21, 2006. The company is part of the Nagpur-based Confidence group, which is into the business of LPG cylinder manufacturing, bottling, marketing, blending, auto cylinder manufacturing and auto dispensing.
The company manufactures cylinders and is engaged in LPG bottling and distribution. It has fully absorbed the LPG bottling technology at its plants spread across Udaipur and Pali in Rajasthan; Raigad and Patalganga in Maharashtra; Coimbatore in Tamil Nadu; Haridwar in Uttaranchal; Chindwara, Gwalior and Jabalpur in Madhya Pradesh. A plant in Patalganga manufactures cylinders, and the Andhra Pradesh State Government allotted a 10-acre piece of land in 2008 within a Visakhapatnam special economic zone to establish a second CNG cylinder manufacturing plant.
Catering to the petroleum majors in India, the company has bagged several orders from Bharat Petroleum Corporation for providing LPG bottling assistance to the tune of 75,000 MT to fulfill their requirement for the Mumbai market. Indian Oil Corporation, Hindustan Petroleum Corporation and Bharat Petroleum Corporation awarded an order to the tune of Rs 355 million for the manufacture and supply of cylinders of various sizes from the Patalganga plant. It has signed a pact with US-based Energtek to provide clean and affordable pipeless natural gas to automotive and industrial consumers. It has been suspended from the BSE on account of non compliance with listing agreement clauses.
The registered office is located at D.R. Container, Jijamata Nagar, Near RCF GateNo-2, Mahul, Chembur, Mumbai-400074.
Financials
The company reported a steep drop in standalone net profit for the quarter ended December 2008. During the quarter, the profit of the company declined 39.82% to Rs 40.30 million from Rs 66.97 million in the same quarter last year. Net sales for the quarter rose 40.18% to Rs 508.24 million. It posted earnings of Rs 0.16 a share during the quarter, registering 51.52% decline over previous year period.
Recent Developments
16-MAR-09
The company`s cylinder division unit, Khopoli Cylinder Manufacturing Plant, has secured orders worth Rs 428.90 million from Hindustan Petroleum Corporation (Rs 377 million) and Indian Oil Corporation (Rs 51.90 million) for supply of liquid petroleum gas (LPG) cylinders.
29-DEC-08
The company has announced that it has taken over 80% share holding in Garg Distilleries (P), an ethanol manufacturing unit based on molecular sieve dehydration system located near Dhule, Shirpur, Maharashtra, having an installed capacity of 32,400 KL per annum and crude oil distillation of 12,000 KL per annum.