Gontermann-Peipers (India) Limited Q2 PAT up 42%
Financials at a glance (Rs. In lacs)
|Quarter ended September 2010||Quarter ended September 2009||% Growth(Quarterly)|
|Profit After Tax||225.07||158.99||42.00%|
|EPS – Basic (in Rs.)||1.65||1.14||1.14 45.00%|
Kolkata, November 11, 2010: For the 2nd quarter ended September 2010, Gontermann-Peipers (India) Limited (GPI), a leading engineering company manufacturing Cast Rolls andForged Rolls, recorded Profit After Tax (PAT) of Rs 225.07 Lacs as compared to Rs 158.99 Lacsin the corresponding quarter of last fiscal, an improvement of 42%. The Company has alsorecorded net revenue of Rs 4537.10 Lacs and Profit Before Tax (PBT) of Rs 344.77 Lacs in thequarter ended September, as compared to net revenue of Rs 3602.91 Lacs and PBT of Rs.256.65 Lacs in the corresponding quarter of last fiscal.
The results were taken on record at the meeting of the Board of Directors of Gontermann_-Peipers (India) Limited, held on 10th November 2010.
Commenting on the results, Mr. LK Poddar, Managing Director, Gontermann-Peipers (India)Ltd., said“I am pleased to see the positive trend in the second quarter with increasing organicrevenue growth. We are making good progress and are evidently doing well. Our mainfocus is to augment market share and penetrate new geographies; with increasedoperational efficiencies and productivity. Going forward we are confident ourcompetitiveness in the domestic and international market will excel.”
During the quarter the company entered into a Memorandum of Understanding (MoU) with theGovernment of Chhattisgarh to set up a pelletisation plant of 1.2 million tonnes per annum inthe State of Chhattisgarh. The capex for the expansion is to the tune of Rs 300 crore. Theimplementation of the MoU would be taken up by the Company after obtaining all requisiteapprovals.
The company also announced plans to extend its product portfolio with the launch of 6000 tpaValue Added Castings project. The implementation which involves an expenditure of Rs 48crore will cater to sectors like mining, power, railway & defence. The Company has alsodeveloped the High Speed Steel Rolls which is an import substitute.
Another major development during the quarter was the company’s proposed entry to theIndian Commodity Futures Market by setting up a Nation-wide Multi-Commodity Exchange; therequired government approvals are still pending.