Orient Industries registers 14% growth in net sales

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Kolkata, Oct 22 (UNI) The Orient Paper and Industries Limited has registered growth in net sales from Rs 593.15 crore during the corresponding period last fiscal to Rs 674.32 crore for the half year ended September 30, 2008, an increase of 14 per cent.

However, the profit after tax of the company decreased from Rs 102.92 crore for the fiscal ended September 20, 2007, to Rs 91.27 crore in this fiscal, company Managing Director M L Pachisia said.

According to the segment-wise revenue distribution, while the Orient Cement recorded growth in net sales from Rs 345.65 crore in the last fiscal to Rs 417.81 crore during the half year ended September 30, 2008 (21 per cent), the company's paper business witnessed decline in net sales from Rs 140.75 crore in 2007 to Rs 113.85 crore in 2008 (19 per cent).

'' The drop in the Paper division's performance in the current fiscal was caused by exceptional and unprecedented water scarcity at the company's Amlai paper plant lasting 46 days during the first quarter, '' the MD said.

Similarly, the Orient Electricals registered increase in net sales from Rs 106.72 crore in 2007 to Rs 142.66 crore in 2008.

'' Orient continues to improve its market share in the domestic fan market and maintain its position as the highest exporter of fans from India. 24 per cent of fans sold during the quarter were exported. Lighting products, which were launched in February this year and only in six states so far, have also taken off quite well, '' Mr Pachisia said.

'' The project to expand the Orient Cement's capacity to five million tonnes per year is progressing satisfactorily and expected to get commissioned before the end of this fiscal as scheduled.

Simultaneously the 50 MW captive power plant is also expected to be commissioned by the end of this fiscal. Orient presently uses purchased power. This would further strengthen Orient Cement's cost advantage, '' he informed.

Similarly, expansion of the comapny's tissue paper capacity to 25,000 ton per year is progressing satisfactorily and expected to be commissioned within this fiscal, the MD added.

UNI DPM SJC/src1918

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