PTL net up 42.5 pc in first half

MUMBAI, OCT 22: The net profit of Punjab Tractors Ltd (PTL) has gone up by 42.5 per cent to Rs 58.70 crore during the first six months of fiscal 1998-99 from Rs 41.20 crore in the same period of last year. This represents an annualised earning of Rs 57.97 per share against Rs 40.69 achieved for the same period of previous year.

"Our healthy performance was powered by a 23.2 per cent growth in total revenue for period which reached Rs 454.50 crore (Rs 368.90 crore)," said Yash Mahajan, the company’s vice chairman and managing director. This encouraging performance relates to the working in the second quarter dominated by excessive rains and coinciding the the traditional lean season for tractor industry.

The cash profit for the period has jumped to Rs 88.80 crore from corresponding last year level of Rs 62.97 crore for a margin of 19.5 per cent (last year 17.1 per cent), profit before tax has risen 40 per cent reaching Rs 82.00 crore (Rs 58.40 crore). Taxation amounted to Rs 23.30 crore (Rs 17.20 crore).