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Pudumjee Paper Products year ended profit up by 60%

Pune: Pudumjee Paper Products Limited (PPPL) has reported encouraging results for the year ended March 31, 2020 in spite of lockdown during last 10 days of the year. During the year ended 31st March, 2020 the Company produced 68548 MT of paper, an 8% increase over 63607 MT produced during the same period in the previous year.  While the turnover for the year increased by about 3% to Rs 60,448 lacs (Rs 58,952 lacs), EBIDTA for the period increased by 49% to Rs 6,092 lacs (Rs.4083 lacs) due to improved operating efficiency and lower cost. Profit Before Tax for the year ended March 31, 2020 showed a rise of 60% and stood at Rs 4,105 lacs (Rs 2,562 lacs) while Profit After Tax for the year stood at Rs 2, 721 lacs (Rs  1, 674 lacs). The company manufactures various specialty papers required as input for packaging material in pharmaceutical products, hospital supplies, hygiene sectors, food, confectionary etc. The Company after obtaining requisite permission from Government of Maharashtra and taking appropriate measures for safety, hygiene and well-being of all its employees and workers resumed production at its Pune plant on May 12, 2020 and is currently operating at about 50% of capacity and believes that the capacity utilization may gradually improve as the economy returns to normalcy, post lockdown. NT

Shriram City Union Finance declares Fourth Quarter and FY20 results

Mumbai: Leading Small Business financier Shriram City Union Finance Limited (Shriram City) has declared its results for the fourth quarter and Financial Year 2020. Standalone disbursements in FY20 were lower by 5.6% and Assets under Management by 1.7%. However, disbursements in the flagship product of MSME loans grew 24.9% on a sequential basis. Standalone Net Profit, although lower by 39.1% in Q4 versus the previous year on account of enhanced Covid-19 related provisioning was up 1.2% for the year. Asset quality continued to improve, with Gross Stage 3 levels at 7.90% (compared to 8.91% a year ago and 8.51% last quarter). Subsidiary Shriram Housing Finance Ltd. registered a healthy performance, growing its Assets under Management by 24.7% over last year and 9.7% over the last quarter. Disbursements grew 48.5% annually and 3.6% sequentially. Disbursements for the quarter at Rs. 400 Crore were the highest ever for the Company. Net Profit for the year was higher by 179%. The subsidiary also registered, at 2.4% GS3, it best asset quality in the last five years.  Y S Chakravarti, MD and CEO, Shriram City Union Finance, said, “This was yet another rollercoaster of a year, with Covid-19 dampening business sentiments at the very end of the fiscal. However, Shriram City is adequately geared to deal with the challenges that will emerge in FY21. NT

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