Gujarat NRE Coke Q1 PAT up 4.5 times, expansion plans on track
Kolkata, 9th July 2010: The Board of Directors of Gujarat NRE Coke Ltd, the largest independent met coke producer in India, at the board meeting held today approved the unaudited financial results of the company for the first quarter (Q1) ended 30th June 2010. The company’s operations show an impressive growth in its turnover and profits in the first quarter as compared to first quarter results last year.
The total income for the quarter ended 30th June 2010 stood at Rs 452.15 crores, registering a growth of around 45 % over Rs 310.04 crores achieved during the same period of 2009. The profit before tax for the current quarter is Rs 30.36 crores as against that of Rs 5.54 crores in the same quarter last year, reflecting a strong growth momentum in performance of the company. Similarly the company posted a net profit of Rs 20.04 crores, registering a whopping 4.5 times growth over previous quarter’s profit of Rs.3.64 crores.
Speaking to reporters after the board meeting, Mr Arun Kumar Jagatramka, Chairman and Managing Director, Gujarat NRE Coke Ltd said, “Met Coke demand has increased considerably over the last year. We have seen strong price rise till June in this quarter. In fact there is a global shortage of met coke and we may see a scarcity in this product as early as in 2011 and beyond. Strong demand and continuous spiraling prices backed by operational leverage have contributed towards better margins”
“Taking advantage of these, Gujarat NRE had completed two export assignments this quarter. We had exported to Brazil and Japan. Production is running in full capacity in all our operations and we see a bright future ahead”, added a visibly happy Mr Jagatramka.
Mr Arun Kumar Jagatramka also informed that the production of coking coal from Australian mines is progressing as per schedule. “We are working towards achieving 6 MTPA production in next 3-4 years and cross 2 MTPA levels by this year”, he said.
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