Calcutta, Jan. 22: Haldia Petrochemicals is eyeing a profit before tax (PBT) of Rs 950 crore and a net profit of Rs 600 crore by the end of the current fiscal.

The company also hopes to wipe out the accumulated loss of Rs 600 crore as on March 31, 2004.

In the nine months to December, the company has registered a turnover of Rs 4,339 crore and an estimated profit after tax of Rs 468 crore. In December alone, the company has clocked an EBDIT of Rs 162 crore.

The projected turnover this fiscal is Rs 6,000 crore. Last fiscal, the company had clocked a turnover of Rs 4,500 crore and a net profit of Rs 134 crore.

?We want to hit the market with our initial public offer (IPO) with a strong balance sheet. We have already met the Rs 600-crore corporate debt restructuring commitments to lenders by December 31, including repayment of Rs 468 crore of term debt and Rs 132 crore of margin build up for working capital,? said Swapan Bhowmik, chief executive of HPL.

HPL?s maiden offer is likely to be launched in May. The CDR empowered group wants the IPO to be completed by May 31. The book-built IPO will be lead managed by Kotak Mahindra bank, DSP Merrill Lynch and JP Morgan.

The debt burden of the company stands at Rs 3,100 crore. Of this, rupee loans make up Rs 2,000 crore, offshore external commercial borrowings (both dollar and yen loans) is Rs 800 crore and onshore dollar loan of Rs 300 crore.

The debt-equity ratio of the company, which stood at 3.87:1 in March last year, has come down to 1.94:1 by December 31, 2004. The aim of the company is to bring down the debt-equity ratio to 1.5:1.

The company is looking at various options to trim debt. ?Refinance is one of the options,? said Bani B. Banerjee, vice-president (finance & accounts) and chief business officer.

The equity base of the company is Rs 1,410 crore. Tatas have an investment of Rs 45 crore. The Chatterjee Petro (Mauritius) and other US investors have an exposure of Rs 690 crore. The Bengal government has invested Rs 675 crore through the West Bengal Industrial Development Corporation (WBIDC).