The Hindu Business Line : Ballarpur Ind net rises 22% in Q3

New Delhi April 12 Ballarpur Industries Ltd (BILT) on Thursday reported an increase of 21.85 per cent in its net profit for the third quarter ended March 31, 2007, to Rs 64 crore from Rs 52.52 crore in the corresponding period last year.

The company's revenues grew by 15.43 per cent to Rs 602.95 crore from Rs 522.33 crore in the same period previous year. While the operating profit margin was 23.77 per cent, the company pointed out that figures for the current quarter were not comparable to the corresponding period, since the current quarter figures included impact of the merger of APR Packaging Ltd and its power business restructuring.

Firm market conditions

"The company's results in the current quarter have been positive as a result of its performance and firm market conditions. We expect our initiatives in this direction to yield further results in the coming future. The recent acquisition of Sabah Forest Industries has also given a fillip to BILT's plans of globally expanding its paper and pulp operations," said the company in an official statement.

BILT's net profit for the nine-month period ended March 31, 2007, increased by 27.99 per cent to Rs 184.47 crore, from Rs 144.12 crore in the same period last year. It also allotted 34,77,581 equity shares at a price of Rs 86.20 per share pursuant to conversion of a part of FCCBs of $45 million that were allotted by the company in November 2003.

On Thursday, the BILT stock closed 0.45 per cent lower at Rs 109.60 against the previous day's close of Rs 110.10.