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Auto parts manufacturer IP Rings Ltd reported a net profit of ₹1.72 crore for the quarter ended March 31, 2017, compared with ₹1.18 crore in the corresponding period of the previous fiscal, due to higher other income and tax gains. Gross profit for the January-March 2017 quarter stood at ₹1.05 crore as against ₹3.38 crore, mainly due to higher cost of raw materials. Other income was higher at ₹1.48 crore (₹30 lakh). Total revenues of the company, which is part of the Amalgamations Group, grew 27 per cent at ₹49.63 crore (₹39.01 crore).
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