Ballarpur Industries Ltd (BILT) today reported 98 per cent drop in consolidated net profit to Rs 41 lakh for the first quarter ended September 30, 2014-15 on account of lower sales and higher finance costs.
The company, which makes writing and printing paper, had posted net profit of Rs 20.98 crore in the July-September quarter of the 2013-14 fiscal.
Its Q1 revenues in the current fiscal stood at Rs 1,205.41 crore, down 10.36 per cent as against Rs 1,344.79 crore in the year-ago period, BILT said in a BSE filing.
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BILT, which follows a July-June fiscal year, reported finance costs of Rs 111.09 crore in Q1 compared with Rs 105.53 crore a year ago.
The company's board has recommended raising up to Rs 500 crore from issue of non-convertible redeemable preference shares and non convertible debentures, it added.
Ballarpur plans to raise up to Rs 250 crore each from the two issues.
Shares of the company closed at Rs 18.50 on the BSE, down 3.14 per cent from its previous close.
