THE board of directors of Punjab Tractors Ltd (PTL) had met on Tuesday to consider and approve the unaudited financial results for the second quarter and half year ended September 30.
Domestic demand conditions in tractor industry continued to be subdued in Q2. Aggregate domestic billing during April–September 2007 was down 7% compared with same period last year.
Company's continued concerted efforts towards rationalisation of channel stocks and also improving collections have shown good results during this period.
In the above background, PTL tractors billing during Q2 of current fiscal was 5,909 compared with 7,012 tractors during same period last year. Total revenues for Q2 of FY 2007-08 reached Rs 206.9 crore against Rs 227.3 crore recorded same period last year.
Profit before tax (PBT) for the second quarter reached Rs 14.9 crore as against Rs. 27 crore in the same period last year.
after tax (PAT) reached Rs. 9.8 crore against Rs.18.3 crore for the same period last year. However, when compared on quarter to quarter basis, growth in profit before tax for Q2 at Rs. 14.9 crore was more than double compared to PBT of Rs. 4.4 crore of Q1.
For the half year ended September 30, 2007, total revenues reached Rs 380.8 crore compared with Rs 473.6 crore of corresponding period last year. PBT reached Rs. 19.3 crore against Rs 53.0 crore of previous year's first half. PAT for the first half was Rs. 13.1 crore against last year's Rs 36 crore.