Bhatia predicts bullish year for Hindustan Tin Works
Leading Indian can making company Hindustan Tin Works has reported an 11.2% jump in its net profit for the third quarter.
The company also saw a 19.7% rise in its exports revenue for the quarter ended 31st December 2010.
Commenting on the results, managing director Sanjay Bhatia (pictured), said: “We are delighted with the continuous upward performance of the company. These figures confirm our hope of an extremely bullish year in terms of sales, revenue and PAT figures. I thank all my stakeholders for their constant support and confidence in the company.”
The company saw its net sales reach almost INR 576.8 million (US$12.6m) compared to INR 495.3m ($10.8m) in the same period last year.
Hindustan Tin’s export revenues increased to INR 169.4m ($3.7m) compared to INR 141.5m ($3.1m) in the corresponding quarter of 2009.
Profit after tax stood at INR 25.1m ($550, 000) compared to INR 22.5m ($493,000) in the corresponding quarter of the previous year, thereby showing an 11.2% increase.
Over nine months net sales at the company have increased by 15.3% to INR 2.3bn ($50.9m) Exports increased by 74% to INR 502.5m ($11m). PAT stood at 93.4m ($2m).