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Satia Ind bags order from Maharashtra Govt

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Satia Industries on Friday announced that it has been awarded an order worth Rs 60 crore from Maharashtra state textbook bureau for supplying 7000 MT paper.

The company said that the said order execution has already started and will be completed in Q2FY22. The order along with orders under execution from Rajasthan and Chhattisgarh text book board will lead to surge in per ton realization in paper prices almost at par with pre-Covid levels of Rs 60,000 per ton registering an increase of 25-30% in first half of the year.

Commenting on the order received, R. K. Bhandari, joint MD said, We are pleased to announce that our sustained relation and consistency in delivering the best quality paper always has again fructified in securing this high realisation order of over 70 million which will improve our margin profile significantly. This order further adds to our existing strong order book with orders in hand till 15th August in these difficult times too. Thus, we are progressing towards enhanced revenue levels and attractive margin profile for the next two quarters and expect this trend to continue for the rest of the year which will be supplemented by start of cutlery segment in second quarter and our incremental capacity of 100,000 MT by end of December 2021.

Satia Industries is one of the largest wood and agro-based paper manufacturers in India. On a consolidated basis, the company reported a 30% jump in net profit to Rs 20.88 crore on a 3.5% drop in net sales to Rs 172.80 crore in Q4 FY21 over Q4 FY20.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Fri, June 25 2021. 13:19 IST