Tata group firm Tinplate Company of India today said its net profit for the 2009-10 fiscal increased by 91.4 per cent and stood at Rs 67 crore.
In comparison, the firm had reported a net profit of Rs 35 crore in the previous fiscal.
Net sales of the company grew by 33.9 per cent during FY'10 to Rs 436.75 crore compared to Rs 326.50 crore in 2008-09, Tinplate's managing director Tarun Daga said.
The firm's net profit in the last quarter of FY'10 dipped to Rs 7.40 crore as against Rs 21.88 crore in the same period of the previous fiscal.
Daga told reporters that the fall in net profit was due to rise in prices of raw material.
Talking about market outlook, he said that demand from the packaging industry was picking up.
Daga said that the company had embarked upon a Rs 622-crore expansion plan, which would be completed in two phases.
The funding of the expansion is being done through a rights issue and debt. Tata Steel's holding in the company stood at 45 per cent.
Post expansion, tonnage capacity of the Jamshedpur plant would go up to 3,80,000 tpa from 1,80,000 tpa.
