The company has reported a 38 per cent rise in net profit to Rs 4.64 crore from Rs 3.37 crore in the previous corresponding period.

Profit before depreciation, interest and tax (OPM) has increased by 25 per cent to Rs 10.69 crore.

The OPM (excluding other income) has increased to 14.8 per cent from 11.69 per cent. A company press release giving details of unaudited results for quarter ended September 30, 1999, attributes improvements in OPM to increased productivity and cost control.

Gross profit is placed at Rs 8.90 crore, up from Rs 6.39 crore in corresponding six months of previous year. Interest outgo is Rs 1.79 crore, down from Rs 2.17 crore in the corresponding period of the previous year. Depreciation is higher at Rs 1.76 crore as against Rs 1.58 crore in the previous corresponding period due to ongoing capital expenditure for capacity expansion and modernisation of plant. Tax provision has increased steeply to Rs 2.50 crore as against Rs 1.44 crore. During the period under review, the company has expanded plant capacity to 47 lakh units from 45 lakh tyres and tubes per annum. The company will continue its policy of phased expansion.