October 21, 2008 : The turnover for the first half of the financial year 2008 – 2009 ended 30 September 2008, was at Rs 1,294 crore as against Rs 1,040 crore for the same period in the previous year. The Profit After Tax of the company was lower at Rs. 14.07 crore for the first half of FY09 as against Rs. 27.34 crore for the same period the previous year mainly due to the unprecedented rise in input costs of the steel division and losses due to the depreciation of the Indian rupee.
The total segment result for the first half of FY 09 was at Rs. 86.15 crore as against Rs. 97.39 crore for the same period the previous year. However, the segment result of the Industrial Machinery division was higher at Rs. 39. 57 crore for the first half of FY 09 as against Rs. 30.33 crore for the same period of the previous year. The Industrial Machinery Division has currently an order book backlog worth Rs. 658 crore as on September 30, 2008, marking a growth in order bookings by 76% on a YOY basis. The Company expects to add further to this order book before the close of this Financial Year.
The company has completed the installation of the 3rd mini blast furnace at its facility in Hospet, Karnataka and also the new wire rod mill at the Kalwe, Thane. The capital expenditure programme undertaken by the Company has taken the steel making and rolling capacities of the Company to 0.5 million tones/annum and the Company will be achieving full capacity utilization towards the end of the current Financial Year.
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