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Our Bureau

Chennai, May 29 Higher production and buoyant paper prices have contributed to a growth in profits for Tamil Nadu Newsprint and Papers Ltd.

The company has reported a 23 per cent growth in net profit for the fourth quarter ended March 2008 over the net profit in the corresponding period in the previous year.

At the meeting today, the TNPL board recommended a final dividend of Rs 2.50 a share (25 per cent) taking the total dividend for the year to Rs 4.50 a share (45 per cent).

TNPL’s annual production of printing and writing paper was 2.45 lakh tonnes representing a capacity utilisation of 107 per cent and 14,310 tonnes more than in 2006-07.

The company has completed the Rs 565-crore mill development plan that would see its captive pulp production capacity increase to 720 tonnes a day from 500 tonnes. The benefit of this expansion would start accruing from May 2008. This will help company to control the cost of raw material and insulate it from the fluctuating pulp costs in the international market. An added benefit is that the new pulp mill follows the elemental chlorine-free process, an environment friendly process.

The completion of the pulp mill expansion also supports TNPL in its next major phase of expansion, setting up its third paper machine at a cost of Rs 765 crore. This would add another 1.55 lakh tonnes of production capacity taking its total capacity to 4 lakh tonnes in 2010, making TNPL one of the largest players in the printing and writing paper segment in the country.

TNPL has reported a 31 per cent growth in net profit at Rs 112.83 crore on a total income of Rs 969.66 crore for the year ended March 2008. During the previous year the company reported a net profit of Rs 86.06 crore on an income of Rs 880.40 crore.

The company’s shares closed at Rs 99.10 against the previous close of Rs 99.80.

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