TIL reported its financial results for the first quarter ended 30 June 2011. On a consolidated basis, TIL (including Indian and overseas subsidiaries) reported a net sales including operating income of Rs 352.44 crore for the first quarter of FY 2011-12 vis-?-vis Rs 274.7 crore during corresponding quarter of the previous fiscal, registering a growth of 28 per cent. Sumit Mazumder, Vice Chairman and Managing Director, said. "Although we have registered a top line growth in our consolidated financial performance, we suffered a decline in our bottom line. This is due to a number of reasons. There have been deferment of major road projects, and investment in infrastructure has not been as expected. Due to this, the order flow has been much below the expectations, giving rise to competitive pressures resulting in lower margin realisation. Additionally, expected orders from buyers have not matured resulting in high stock for the same reason. The overall environment in the infrastructure space has affected the cash flow of buyers, which in turn, resulted in high debts for the company. The first phase of TIL's project for manufacture and marketing of crushers, screens, hot mix asphalt plant, port equipment and yard equipment is also nearing completion. The Phase I of Kharagpur operations is expected to be launched by end of 2011. The plant will roll out crushing and screening equipment for aggregate and mining applications under licence from Astec Aggregate and Mining Group, a part of Astec Inc of US. The factory will also manufacture double-barrel hot-mix asphalt plant under licence from Astec. The plant will also make rubber-tyred gantry cranes with technology from Mitsui- Paceco of Japan.