City - based Tamilnadu Petroproducts Ltd will make a different product at its epichlorohydrin (ECH) plant for an associate company.
In a regulatory filing in the BSE, Tamilnadu Petro also said it had closed the third quarter with a total income of Rs. 128. 31 crore and a net profit of Rs. 40. 80 crore as against a total income of Rs. 218. 16 crore and a net loss of Rs. 20. 67 crore in the quarter ended December 31, 2014.
The net profit for third quarter of the current year is mainly due to exceptional income of Rs. 57. 71 crore.
According to Tamilnadu Petro, the company's ECH plant was not functioning since 2013 owing to losses and an associate company showed interest in utilising the plant to make one of its raw materials after suitable modifications.
After getting necessary regulatory approvals, the modification to the plant will be made and production would start after 18 months, said the company.
The company had provided Rs. 8. 49 crore towards impairment as some machineries of the ECH plant cannot be used for the proposed product to be made by the associate company.