New Delhi: Ballarpur Industries Ltd (Bilt), India’s biggest maker of writing and printing paper, posted a 22% increase in net profit for the third quarter ended 31 March, riding on the back of an increase in the selling price of paper and an improvement in the production levels. The company’s net profit increased to Rs64.06 crore compared with Rs52.52 crore during the corresponding quarter the previous fiscal.
“The results in the current quarter have been positive as a result of an increase in production levels and firm market conditions. An increase in the selling price of paper contributed Rs5 crore to our bottomline,” said B. Hariharan, group director, finance.
Revenue during the quarter increased 15.42% to Rs602.95 crore from Rs522.33 crore during the same quarter the previous fiscal. Hariharan said the company had completed the acquisition of the Malaysian firm, Sabah Forest Industries, which operates an integrated paper and pulp mill, on 16 March. Sabah will now function as a subsidiary of Ballarpur industries. “We expect Sabah to contribute around 546 crore to our revenue during the next 12 months,” said Hariharan. The company also plans to invest Rs1,200 crore to expand the production capacities of its Pune mill by 200,000 tonnes and the Ballarpur mill by 100,000 tonnes.