Kolkata, July 18th 2008. The Board of Directors of Gujarat NRE Coke met and discussed the results of the company for the quarter ended June 30th 2008. The company’s net sales / income from operations went up to 377.64 crores as against Rs 148. 89 crores in the corresponding quarter in the previous financial year. The Earning Before Interest, Depreciation and Tax (EBIDTA) too has shown a remarkable increase, going up from Rs 62.68 crores to Rs 130.96 crores. . “This has been the highest quarterly turnover and earnings achieved by the company since inception” said Mr Arun Kumar Jagatramka, Vice Chairman and Managing Director “and I am naturally happy to be announcing them”.
Buoyed by the steady, all round growth in the performance of the company, the Board recommended a dividend of 25 % which entails a distribution of Rs 97 crores in absolute terms as against Rs 45 crores in the last year.
“I am also pleased” said Mr Jagatramka, ” to recommend on behalf of the Board, a bonus issue in the ratio of 2 equity shares for every 5 shares held on date. Shareholders, always consider a bonus issue as an effort by the management to strengthen existing ties and I would like to take the opportunity of thanking all our shareholders who have and continue to repose their faith on the company. We are growing, and it is but natural that the fruits of growth and enhanced prosperity should percolate amongst the happy NRE family.”
The company also announced its plans to set up a green field one million ton coke plant in Andhra Pradesh involving an investment of Rs 450 crores. The necessary land for the plant has already been acquired and the company is all set to go full steam ahead with the project.
The company has already installed 30 MW of wind power during the last one year and is further installing an additional 30 MW by September 2008 taking the total wind power capacity in the company to 87.5 MW.
Gujarat NRE Coke is also in the process of installing Waste Heat Recovery Power Plants for an aggregate capacity of 60 MW across all its coke plants at a total project cost of Rs 300 crores.
The current coke making capacity with the company is 1 million tons and the same is being increased to 1.25 million tons by the end of the current financial year.
The production from the second coal mine in Australia also commenced during the quarter and with both its mines in production, the company expects to get 1.2 million tons in 2008/09 as against 0.4 million tons in 2007/08. The company is also working towards developing both mines to achieve a coal production target of 7 million tons by the year 2012-13.
Considering the fact that the company’s current capex needs are being met adequately by internal accruals and other standard means, the Board of Directors decided to keep the proposal for a rights issue in abeyance.
Explaining the rationale behind the proposed new plant, Mr Jagatramka said “ The demand for coke in India is expected to grow at a very healthy rate as more and more new steel plants are expected in the horizon. The plant will also be complementary to the group’s mining plans in Australia which are expected to grow exponentially in the near future and will require coke production facilities to ensure the maximization of efficiencies. Thus, the new plant makes sense, in any way you look at it.”
Buoyed by the steady, all round growth in the performance of the company, the Board recommended a dividend of 25 % which entails a distribution of Rs 97 crores in absolute terms as against Rs 45 crores in the last year.
“I am also pleased” said Mr Jagatramka, ” to recommend on behalf of the Board, a bonus issue in the ratio of 2 equity shares for every 5 shares held on date. Shareholders, always consider a bonus issue as an effort by the management to strengthen existing ties and I would like to take the opportunity of thanking all our shareholders who have and continue to repose their faith on the company. We are growing, and it is but natural that the fruits of growth and enhanced prosperity should percolate amongst the happy NRE family.”
The company also announced its plans to set up a green field one million ton coke plant in Andhra Pradesh involving an investment of Rs 450 crores. The necessary land for the plant has already been acquired and the company is all set to go full steam ahead with the project.
The company has already installed 30 MW of wind power during the last one year and is further installing an additional 30 MW by September 2008 taking the total wind power capacity in the company to 87.5 MW.
Gujarat NRE Coke is also in the process of installing Waste Heat Recovery Power Plants for an aggregate capacity of 60 MW across all its coke plants at a total project cost of Rs 300 crores.
The current coke making capacity with the company is 1 million tons and the same is being increased to 1.25 million tons by the end of the current financial year.
The production from the second coal mine in Australia also commenced during the quarter and with both its mines in production, the company expects to get 1.2 million tons in 2008/09 as against 0.4 million tons in 2007/08. The company is also working towards developing both mines to achieve a coal production target of 7 million tons by the year 2012-13.
Considering the fact that the company’s current capex needs are being met adequately by internal accruals and other standard means, the Board of Directors decided to keep the proposal for a rights issue in abeyance.
Explaining the rationale behind the proposed new plant, Mr Jagatramka said “ The demand for coke in India is expected to grow at a very healthy rate as more and more new steel plants are expected in the horizon. The plant will also be complementary to the group’s mining plans in Australia which are expected to grow exponentially in the near future and will require coke production facilities to ensure the maximization of efficiencies. Thus, the new plant makes sense, in any way you look at it.”
No comments:
Post a Comment