Hindustan National Glass & Industries (HNG) today said its consolidated net profit declined by 61.87% to Rs 58.78 crore for the year ended March 31, 2011.
The company had a net profit of Rs 154.17 crore in previous fiscal, HNG said in a statement.
Commenting on the results HNG Vice Chairman and Managing Director Mukul Somany said: "The reason for a decrease in EBITDA level is increase in power and fuel costs, packing and material charges, which we could not pass on to the customers in time."
"However, the cost increases till date have been fully passed on (from this fiscal) which ensures the normal operational profits in FY12," Somany added.
The company's net sales rose to Rs 1,553.52 crore for the year, compared to Rs 1,383.45 crore in previous fiscal.
The company's board, which met on May 21, also recommended a dividend of Rs 1.50 per equity share (75%) for the year.
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On a standalone basis, the company posted a net profit of Rs 86.42 crore for the year ended March 31, 2011, compared to Rs 155.20 crore in the previous fiscal.
Shares of HNG clses at Rs 207 on the Bombay Stock Exchange, down marginally from its previous close.