Kochi-based kraft paper manufacturer Sree Sakthi Paper Mills Limited (SSPML) has reported a net profit of Rs 1.99 crore for the quarter ended March 31, 2011, up 56 per cent from Rs 1.28 crore in the corresponding period a year ago.
Its total sales revenues grew 31 per cent to Rs 53.56 crore (from Rs 40.76 crore).
The company attributed the profit growth to modernisation of operations including installation of dryers and machine modification, which resulted in higher realisation.
For the full year the company registered 51 per cent rise in net profit from Rs 4.64 crore to Rs 7.01 crore, while sales grew 31 per cent from Rs 145.86 crore to Rs 190.82 crore.
The company produced 77,315 tonnes of paper in FY11, an increase of 7.5 per cent, as compared to 71,926 tones in the previous year.
The company board has recommended a dividend of 21 per cent, including interim dividend of 8 per cent, according to a company release.