Recycling paper manufacturer Rainbow Papers Ltd has reported rise in its first quarter net profit by 78% at Rs 17.3 Crore compared to Rs 9.7 Crore for the same period last year, Latest stock Price
On Wednesday, the company announced its expansion program to increase capacity to 466700 MTPA with an capex of Rs 630 crore.
Ahmedabad-based Rainbow Papers has recorded net revenue of Rs 222.1 crore as compared to Rs 105.4 crore for the Q1 FY12, thus showing an increase of 110% in its 1Q FY13.
The Q1 net profit for the first quarter ended June 30, 2012 stood at Rs 17.3 crore compared to Rs 9.7 crore for the same period of previous year.
The company also said in a press statement that it will increase it capacity from current 305,000 MTPA to 466,700 MTPA (Metric Ton Per Annum)
The company expects the project to be at Rs 150 crore, out of which Rs 75 crore will be funded by debt and rest by internal accruals and fresh equity.
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