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New Delhi, July 26 Punjab Tractors Ltd (PTL) has reported an 81.35 per cent dip in its net profit for the first quarter ended June 30, 2007. The net profit of the company for the quarter was at Rs 3.3 crore as against Rs 17.7 crore. The net operating revenue for the quarter decreased 29.33 per cent to Rs 173.9 crore compared to Rs 246.1 crore.

A release from the company said that the domestic demand in tractor industry during the quarter period remained subdued with aggregate domestic market billings reaching around 75,000 tractors, down 4 per cent from previous year’s same period level.

PTL’s billing during the quarter was at 5,065 units as compared to 8,154 units during same period last year.

On Thursday, PTL’s share price rose 0.53 per cent to settle at Rs 272.80 on the BSE from Rs 271.35 yesterday.

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