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New Delhi Feb. 1 Orient Paper, part of the GP-CK Birla Group, reported an increase of 543.48 per cent in its net profit for the third quarter ending December 31, 2006, to Rs 36.55 crore from Rs 5.68 crore in the corresponding period last year.

The company also recorded a growth of over 30 per cent in its turnover for the third quarter to Rs 269.98 from Rs 206.38 crore in the corresponding period last year.

The company, at the board of directors meeting on January 30, approved plans to expand its cement manufacturing capacity to 5 million tonnes per annum (mtpa) at its plants in Devapur and Jalgaon from 2.4 mtpa. It also decided to enhance the capacity of its proposed captive thermal power plant at Devapur from 30 MW to 50 MW.

Mr M.L. Pachisia, Managing Director, Orient Paper, said, "The first phase of cement capacity expansion to 3.4 mpta is progressing as per schedule and is expected to be completed during the financial year 2007-08. The additional capacity of 1.6 mtpa will be taken up to meet the growing demand for cement."

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