Tamil Nadu Newsprint and Papers Ltd today (TNPL) today reported a 96.87 per cent increase in its first quarter net profit ending June 30, at Rs 51.64 crore.
The Chennai-based company had registered net profit at Rs 26.23 crore during the year-ago period, TNPL said in a BSE filing.
For the financial year ending March 31, net profits of the company were at Rs 166.73 crore.
Total income from operations for the April-June quarter soared to Rs 647.63 crore from Rs 485.60 crore registered during corresponding period of previous year.
For the financial year ending March 31, total income from operations were at Rs 2,135.73 crore, it said.
In another statement the company said the higher net profits were contributed by higher production, sales and savings in manufacturing costs, it said.
"The company is setting up a double coated multilayer board plant with a capacity of producing two lakh metric tonnes per year at an outlay of Rs 1,500 crore in Manaparai taluk, Tiruchirappalli. The project is expected to be completed by December 2015," it said.
