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ITC Bhadra net up 62 p.c. to Rs 11 crore
The Economic Times - 13 Oct 2001

Our Kolkata Bureau

Kolkata, October 12

ITC BHADRACHALAM Paperboards Ltd registered a 62 per cent increase in net profit at Rs 11.02 crore in the quarter ended September 2001 against Rs 6.80 crore in the corresponding quarter last year. Profit before tax grew by nearly 65 per cent to Rs 17.78 crore.

Net sales during the quarter increased 1.5 per cent to Rs 162.34 crore from Rs 159.93 crore in the corresponding quarter last year. Other income, at Rs 1.49 crore (Rs 1.05 crore), which indicates a 41.90 per cent increase, includes a capital gain of Rs 4.05 crore on sale of investments.

The company's board met in Kolkata on October 12 to consider the unaudited September quarter results for financial year 2001-02. Despite difficult trading conditions and fire in the mill, the company recorded a profit by focusing on high-end, value-added paperboards, the company said in a statement issued after the board meeting.

While total expenditure for the period under review stood lower at Rs 126.66 crore (Rs 129.02 crore), gross operating profit stood at Rs 37.18 crore (Rs 31.97 crore).

Efforts are on to enhance value for its customers through product development. The improvement in market is expected to further enrich the product mix substantially, especially since the demand for paperboards in the value-added segment is expected to grow at more than 20 per cent per annum against eight per cent for conventional paperboards, the company release said.