Andhra Paper Mills posts 44 percent growth

July 29th, 2008 - 9:27 pm ICT by IANS  

Hyderabad, July 29 (IANS) Privately-held Andhra Pradesh Paper Mills Limited (APPM) has posted 44 percent income growth for the first quarter ended June 30, the company said Tuesday. The income for the quarter was Rs.1.8 billion against Rs.1.2 billion during the corresponding period last year.

APPM, owners of the ECF (Elemental Chlorine Free) paper brand ‘Andhra’, reported earnings before depreciation, interest, taxes and amortization (EBDITA) of Rs.410 million - a growth of 283 percent against Rs.145 million in the corresponding period last fiscal.

The profit before exceptional items was Rs.160 million marking a growth of 641 percent compared to the corresponding quarter of the previous year. The earning per share (EPS) before exceptional items stood at Rs.6.14.

“Our performance this quarter is reflective of our efforts and action we have taken to streamline our operational efficiency post the setback we had in the last fiscal in terms of our main recovery boiler getting damaged. We have managed our sales and expenses very efficiently and have also posted impressive revenue and EBITDA growth,” said APPM chairman L.N. Bangur.

APPM, part of the Kolkata Based L.N. Bangur group and established in 1964, is a leading manufacturer of paper and caters to domestic and foreign markets. With two manufacturing plants in Andhra Pradesh with a total capacity of 174,000 tonnes per annum, APPM produces writing, printing, packaging paper and newsprint.

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