STC RECORDS HIGHEST EVER TURNOVER DURING APR-JUN.08
Date : 05 Aug 2008
Location : New Delhi
The State Trading Corporation of India Ltd (STC) has achieved the highest ever first quarter turnover of over Rs 4200 crore as per the provisional unaudited financial results for the period Apr-Jun ’08 taken on record by the Board of Directors of the Corporation in its meeting held on 30.07.2008 at New Delhi. The total turnover reflects a growth of 53% over the quarter a year ago and has also surpassed the proportionate MOU target despite there being no imports of wheat during the quarter
During the period, the Corporation earned a trading profit of Rs 39 crore which is 47% higher than the quarter a year ago. The Profit before Tax of Rs 23 crore is also marginally higher than the previous year. STC continued with its domestic operations involving direct procurement of tea from small growers and processing thereof. These operations are being extended further by enlisting more growers and taking another processing unit on long term lease. STC is also undertaking paddy procurement operation on minimum support price on behalf of FCI under Custom Milled Rice (CMR) scheme announced by the Govt. of India.
STC has made significant progress in developing bio fuel business. It is planning an entry in mining and power generation activities very shortly. Thus, as the year progresses, the business activities of STC are likely to accelerate further.