ITC Bhadrachalam net declines

MUMBAI, June 28: ITC Bhadrachalam Paperboards Ltd has suffered a setback in its working results during the year ended March 1996. The net profit dropped to Rs 16.72 crore from Rs 40.85 crore last year. In fact, the company had projected a net profit of Rs 68.83 crore in its rights letter of offer on Febuary 23, 1996.

The directors cut the dividend to 10 per cent from 25 per cent paid last year. The shares issued on rights basis in May 1996 would be eligible for prorata.

The net sales during the year amounted to Rs 238.20 crore Rs 284.43 crore and the gross profit dropped to Rs 30.09 crore from Rs 61.38 crore.