The company reported disappointing third quarter results for the 2013 fiscal as both net sales and net profit slumped while debt remains high
Ballarpur Industries (BILT), the Gautam Thappar-promoted entity, has reported a consolidated sales turnover of Rs 1,199.28 crore for the three month ended December 2012, down 1.06% when compared to Rs1212.10 crore it recorded for the same period a year ago.
The company also recorded net profit of Rs12.43 crore (after consideration of minority interests) for the quarter ended December 2012, down 8.60% when compared to Rs13.60 crore for the corresponding period last year.
The company’s long-term liabilities stood at Rs3,800.36 crore as at 31 December 2012, of which Rs3,549.81 crore consist of long-term debt. The company’s net worth stood at Rs3,724.05 crore.
Provision for taxation is net of Minumum Alternative Tax (MAT) entitlement credit of the company’s step-down subsidiary BILT Graphic Paper Product amounted to Rs7.73 crore for the December 2012 quarter when compared to Rs10.28 crore previously.
On 24th August 2012, the company and BILT Graphic Paper Products have approved transfer, by way of slump exchange basis, from 1 July 2012, the business undertakings of the company situated at Units Sewa and Ashti, who are engaged in the business of manufacture of copier paper, with business undertaking of Bilt Graphic would remain unchanged.
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