Great Eastern Energy Corporation Limited,Led by Mr. Prashant Modi, has seen a steep growth of 23% in the 2012-13 fiscal year, according to the annual results announced recently.
Online PR News – 26-June-2013 – Mumbai – Great Eastern Energy Corporation Limited has seen a steep growth of 23% in the 2012-13 fiscal year, according to the annual results announced recently. Led by Mr. Prashant Modi, GEECL revealed that it has made material progress across the business and delivered significant growth in production, revenue and profit.
The 12 months, ended on 31 March 2013, have been a booming period for Great Eastern, the Chairman and Managing Director, Mr. Yogendra Kumar Modi, and the President and Chief Operating Officer, Mr. Prashant Modi.
What has led to an increase in revenue and profit for GEECL in the last year? It is said that the significant uplift in gas production and corresponding sales are the key contributors for the rising profit of Great Eastern Energy. Under the leadership of Mr. Prashant Modi, the company has all its existing gas sales contracts and MOUs in place, resulting in an augmented production. As these factors have reflected in enhanced revenue, the company is assured that it has led to growth in cash flow.
With the constant effort in daily operations, GEECL has effectively reached a mark of US$ 29.18m as total revenue. This clearly shows a considerable growth as compared to the corresponding previous financial year. Talking about EBITDA, there is an increased by 31%, reaching to US$ 18.69m. On a constant currency basis as well, total revenue has increased by 40% to Rs. 1,589m. With these figures, Mr. Prashant Modi would be contented with the day-to-day operations of the business.
At the PAT level (pre MTM), GEECL has made a significant profit of US$ 10.01m as compared to a profit (pre MTM) of US$ 5.41m during the last financial year. In the annual results, the company also shed some lights on the supply and demand dynamic for Indian gas and the pricing environment. It is believed that the mentioned aspects are and will continue to be extremely attractive for some years to come.
Great Eastern Energy Corporation Limited is now a notably de-risked and profitable business, considering the benefit of considerable investment in asset and infrastructure development over the years. It is definitely a great pride for Mr. Prashant Modi who is associated with the company since 1996