Paper Products Ltd, the country's leading flexible packaging material manufacturer, reported a 22 per cent growth in net profit at Rs 9.42 crore in the first quarter of the current calendar year as against Rs 7.74 crore in the corresponding period last year.
Sales jumped 18 per cent to Rs 175.89 crore (Rs 149.47 crore). Despite high raw material prices and rupee appreciation leading to huge margin pressure, the company continued to perform relatively better. The growth has largely been attributed to efficient hedging against high raw material prices.
Monnet Ispat Q4 net jumps 34%
Monnet Ispat and Energy has recorded a net profit after deferred tax of Rs 57.20 crore in the fourth quarter ended March 31, 2008, an increase of 34 per cent, over the corresponding period last year.
Net sales for the quarter jumped 104 per cent to Rs 380.64 crore, which includes an income of Rs 47 crore from sales of iron ore fines.
Sandeep Jajodia, executive vice-chairman and managing director, Monnet Ispat & Energy, said, in the coming years the company would focus more on the energy business rather than steel.
The board has declared an interim dividend of 25 per cent per share. The company has completed the 0.50-million-tonnes sponge iron plant and 90 mw power unit at Raigarh.
Reliance Natural FY08 net soars 137%
Reliance Natural Resources (RNRL), part of the Rs 55,000-crore Reliance Anil Dhirubhai Ambani group, posted a 137 per cent rise in net profit at Rs 68.59 crore in FY08 compared with Rs 28.86 crore in FY07, even as total income rose 48.25 per cent to Rs 367.30 crore.
Net sales during the year increased to Rs 202.8 crore, up 35 per cent from Rs 150.3 crore in FY07. Other income during the year also rose 77.28 per cent to Rs 164.52 crore (Rs 92.80 crore).
However, the higher net profit failed to boost the company's share prices.
The company, which was set up to tie up fuel needs for group firms' - Reliance Energy and Reliance Power - power plants, saw its share price on the BSE fall marginally by 0.28 per cent to Rs 123.60. The Sensex ended down 0.64 per cent at 17,015.96 points.
During the year, the company spent Rs 196.45 crore, up 22.71 per cent from Rs 160.08 crore spent in 2006-07. Its tax liabilities also increased to Rs 17.14 crore (Rs 15.69 crore). Earnings per share increased to 44 paise (22 paise).
