Jindal Polyester net profit up 175% in Q1

Mumbai: Jindal Polyester Ltd (JPL), a leading producer of polyester films in India, reaffirming shareholders confidence, has announced robust Q1 results for April-June 2002.

During the period, the company, continuing on its positive path of growth, has registered a net profit after tax of 15.42 crore, registering an improvement of 175 per cent over the corresponding period in the previous year.

The profit was achieved on the back of sales of Rs 118.95 crore during the first quarter of the financial year 2002-03. The profit before tax during the period was Rs 16.58 crore, reflecting an increase of 174 per cent over the last year.

Says JPL managing director S K Mittal: Jindal Polyester is extremely proud to bring increasing value to its shareholders. Our continued commitment to efficiency, commitment to quality and internal capabilities have proven key in our success and positive performance.

We plan to further expand and modernise our manufacturing processes and management practices to promote greater efficiency. In addition, we are making significant investments in new products and product categories. I am sure that these investments will continue to fuel growth and build further momentum in our operations well in the future, he adds.

The growth in the quarter has been achieved largely on account of improved margins resulting from reduction in costs and an exemplary performance in the exports market. During the quarter, JPL registered overseas sales to the tune of Rs 24.89 crore, achieving almost 50 per cent of the total export sales registered in the financial year ended 31 March 2002.

JPL is part of the BC Jindal group, one of the largest industrial groups of India, offering a wide range of products and services. The company currently has the capacity to manufacture 36,000 MT per year and offers one-stop solutions to all major polyester film applications.