Net revenues up by 26 %
PBT up by 34%
PAT up by 42%
Online PR News – 11-November-2010 – – Financials at a glance
Quarter ended September 2010 Quarter ended September 2009 % Growth
Net Sales 4537.10 3602.91 26.00%
PBT 344.77 256.65 34.00%
Profit After Tax 225.07 158.99 42.00%
EPS – Basic (in Rs.) 1.65 1.14 45.00%
Pune, November 11, 2010: For the 2nd quarter ended September 2010, Gontermann-Peipers (India) Limited (GPI), a leading engineering company manufacturing Cast Rolls and Forged Rolls, recorded Profit After Tax (PAT) of Rs 225.07 Lacs as compared to Rs 158.99 Lacs in the corresponding quarter of last fiscal, an improvement of 42%. The Company has also recorded net revenue of Rs 4537.10 Lacs and Profit Before Tax (PBT) of Rs 344.77 Lacs in the quarter 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 organic revenue growth. We are making good progress and are evidently doing well. Our main focus is to augment market share and penetrate new geographies; with increased operational efficiencies and productivity. Going forward we are confident our competitiveness in the domestic and international market will excel.”
During the quarter the company entered into a Memorandum of Understanding (MoU) with the Government of Chhattisgarh to set up a pelletisation plant of 1.2 million tonnes per annum in the State of Chhattisgarh. The capex for the expansion is to the tune of Rs 300 crore. The implementation of the MoU would be taken up by the Company after obtaining all requisite approvals.
The company also announced plans to extend its product portfolio with the launch of 6000 tpa Value Added Castings project. The implementation which involves an expenditure of Rs 48 crore will cater to sectors like mining, power, railway & defence. The Company has also developed the High Speed Steel Rolls which is an import substitute.
Another major development during the quarter was the company’s proposed entry to the Indian Commodity Futures Market by setting up a Nation-wide Multi-Commodity Exchange; the required government approvals are still pending.
Established in 1966, Gontermann-Peipers (India) Ltd. (GPI) is a leading engineering company engaged in the manufacture of cast and forged rolls - a key consumable of the hot rolled & cold rolled steel mills, with an annual capacity of 21000 metric tones per annum (mtpa). GPI is the largest manufacturer and exporter of cast and forged rolls. GPI is the only Indian roll maker with both vertical and horizontal spin casting technology and enjoys a 40% market share in the Indian roll industry. GPI holds the number one position in India and ranks amongst the top 10 players in the world. The company has an in-house Research & Development center duly recognised by the Government of India, Ministry of Science & Technology, Department of Scientific & Industrial Research equipped with sophisticated state of the art equipments for testing & R&D to meet the stringent quality requirements.
GPI reported an annual turnover of Rs. 140 Crore for the financial year ended 2009-10. Leading global steel manufacturers fall under GPI’s clientele. It is listed with the BSE.
Certain statements in this release concerning our future growth prospects are forward-looking statements, which involve a number of risks, and uncertainties that could cause our actual results to differ materially from those in such forward-looking statements. We do not undertake to update any forward-looking statement that may be made from time to time by us or on our behalf.