Micro Inks Q3 net up 82%

Micro Inks has reported a 82% increase in net profit at Rs 33.16 crore for the third quarter ended December 31, 2004 when compared with Rs 18.18 crore in Q3FY04.

According to a release issued to the BSE today, total income increased to Rs 223.16 crore from Rs 175.65 crore in Q3FY04.

The group has posted a net profit of Rs 18.38 crore for the third quarter ended December 31, 2004 as against Rs 12.66 crore for the quarter ended December 31, 2003. Net operating income has increased to Rs 233.86 crore from Rs 203.31 crore in the corresponding period of the last fiscal, the release added.

The board of directors, which met today to discuss the results, also approved the appointment of Pradip N. Khandwalla as an additional director and member of the audit committee of the board.

"Prof. Pradip N Khandwalla is an associate member of the Institute of Chartered Accountants of India. He has done his MBA from Wharton, Pennsylvania and PhD from Carnegie-Mellon, USA. He has been a consultant to many Indian and international organizations in the areas of team building, innovative excellence, management and organizational restructuring and creativity training. He taught at McGill University, Canada from 1969 to 1975, and thereafter at the Indian Institute of Management, Ahmedabad as a professor from 1975 to 2002. He was L&T Chair Professor of Organizational Behaviour at IIMA from 1985 to 1991 and then the director of IIMA up to 1996," the release said.

The US-based Micro Inks Corporation, a wholly-owned subsidiary of the company, has entered into a fresh agreement renewing its long term ink purchase agreement with US-bsed RR Donnelley & Sons Company with additional volumes including new locations and divisions in the US.

"However, the fresh contract is at lower prices than earlier contracts due to the competitive pricing situation. The revised agreement for a three-year term begins on April 1, 2005 and ends on March 31, 2008. The value of the renewed contract is estimated in the range of $22-25 million per annum," the release said.