LM Thapar will, however, continue as chairman and his other nephew Vikram Thapar as joint managing director of the company, according to a Bilt spokesperson. Gautam Thapar has been appointed managing director for a period of five years.

The appointment of Gautam Thapar is in line with the rearrangement of the Thapar group companies among three nephews of LM Thapar. Bilt is also to be split into three companies - Bilt Paper, Bilt Chemicals and Bilt Investments.

The board also approved the financial results for the second quarter ended March 1999. Bilt has recorded a net profit of Rs 5.26 crore during the quarter compared to a loss of Rs 11.79 crore in the corresponding quarter of previous year. Operating profit has risen 35 per cent to Rs 31.39 crore from Rs 23.19crore.

Bilt's turnover during the quarter has increased by 10 per cent to Rs 301.16 crore from Rs 274.78 crore. The company attributed the rise in turnover to increased production and despatches of paper.

The significant improvement in the turnover and operating profits has been due to better operational efficiencies of the paper units at all levels after initiation of a restructuring exercise to run Bilt as a focussed paper company, coupled with a major thrust on cost cutting, according to the spokesperson.

The results of the current quarter as in the previous quarter, are also taking into account the effect of the scheme of arrangement and reconstruction of the company.

The company recorded a net profit of Rs 3.20 crore on a turnover of Rs 1,825.19 crore for the 18-month period ended September 31, 1998. The company's operating profit during the 18-month period was Rs 195.23 crore while the gross profit was Rs 66.43 crore. Bilt has changed its financial year to October-September with effect fromOctober 1, 1998.

Bilt's trifurcation was announced in 1997. While Bilt Paper was to focus on the core business of paper, Bilt Chemicals was to concentrate on the chemical business of Bilt. Bilt Investments was to help identify new growth opportunities, and was also to serve as a vehicle for investments in various Thapar group companies.