Bilt net jumps 21% in fourth quarter

Ballarpur Industries Ltd (Bilt), the country's largest writing and printing paper manufacturer, has recorded a 21 per cent increase in net profit at Rs 37.3 crore for the fourth quarter ended June 30, 2004.

Its sales during the quarter grew marginally to Rs 585.15 crore from Rs 581.94 crore in the same period last year. The company follows a July 1 to June 30 financial calendar.

Gautam Thapar, vice-chairman and managing director, told a news conference here today that the company will invest Rs 150 crore in the current financial year to expand its capacity by 35,000 tonne.

Bilt will utilise a part of the $85 million raised in November 2003 through foreign currency convertible bonds for the purpose. "A large portion of the new capacity will come from de-bottlenecking of efficiencies at our four mills," Thapar said.

Bilt's net profit in 2003-04 rose 36.23 per cent to Rs 133.9 crore and it has declared a dividend of 25 per cent. Its turnover for the year increased 6 per cent to Rs 2,244.17 crore compared with Rs 2,115.83 crore in the previous year.

"The results are a reflection of our strong performance supported by a positive industrial cycle. Together these have helped us in increasing our market shares and operational efficiencies," he said.

"At 8 per cent, our growth is faster than the paper industry's 5 per cent growth rate. The demand outlook looks good as there is a lot of investment coming into the printing business," said B Hariharan, group finance director.