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Padmini Tech net up 127%

Our Bureau

NEW DELHI, Aug. 28

PADMINI Technologies Ltd (PTL) (formerly Padmini Polymers Ltd) has reported a marginal fall in its turnover for the 18-month period ended June 2000 at Rs. 515.85 crores as compared to Rs. 543.68 crores for the 18-months period ended December 1998.

A company release said the fall in turnover was due to a change in product mix effected during this period. However, it said that the change in product mix had led to improved margins and the net profit rose to Rs. 40.48 crores (Rs. 17.8 crores), an incr ease of 127 per cent.

The gross profit after interest, but before depreciation and tax went up by 78 per cent to Rs. 62.8 crores (Rs. 35.10 crores). The interest burden was down to Rs. 14.12 crores (Rs. 47.57 crores), the release said.

Taxation and depreciation accounted for Rs. 1.5 crores and Rs. 20.72 crores respectively. The company has also entered into a one-time settlement (OTS) of its dues with various banks and financial institutions and has repaid about Rs. 50 crores, the rele ase said.

The company is hoping to become debt-free in the next one year, the release added. PTL's shares would also be traded in dematerialised form from Monday.

The major revenues for the company comes from the technology business comprising designer CDs, CD-ROMs, multimedia, etc. The company has also decided to hive off its polyethylene terephthalate (PET) business. It has also completed the expansion of the co mpact disc plant by 11 million pieces per annum by setting up an integrated plant having facilities for production of digital video discs (DVD) with a capacity of 5.5 million pieces per annum.