For the third quarter of the year, PTL Enterprises recorded a total income of Rs 67.1 million (£871,800) from Rs 38 million (£493,700) in the same quarter last year; an increase of nearly 77%. Company net profit went up by more than 1,000% to Rs 23.6 million (£306,600) this quarter from Rs 2 million (£26,000) in Q3 FY 2006-07.
The board approved a Rs 400 million investment for a greenfield facility manufacturing specialty tyres for the Indian market. The manufacturing unit will be established on land recently acquired by the company in Ernakulam, district of Kerala. The PTL facility is currently leased to Apollo Tyres.
Onkar Kanwar, chairman of PTL Enterprises and of Apollo Tyres, said: “This is an additional capacity that we are bringing into PTL of Rs 40 crores (£5.2 million) to expand the product range produced here, in addition to the 90 tonnes produced every day at the Kalamassery plant. This will take the plant to the next level of manufacturing with modern machinery, technology and manufacturing processes. This new project along with the move to a larger area will allow PTL to expand its operations and product lines at a steady pace in the near future.”
In October 2007, PTL Enterprises had announced plans to relocate its 90 tonnes a day tyre manufacturing unit in Kalamassery to Ernakalum to enable capacity expansion. On the same day, a ground-breaking ceremony was undertaken at the new site. The speciality tyres plant will constitute phase one of the gradual relocation of the company’s Kalamassery plant to Ernakalum. (Tyres & Accessories/Staffordshire, U.K.)
