Gujarat NRE’s Q1 profit soars by 93% in YoY;
Recommends 10% Dividend for FY 2010-11
Kolkata, 16th July 2011: The Board of Directors of Gujarat NRE Coke Ltd, the largest independent met coke producer in India, at its meeting held yesterday approved the unaudited financial results of the company for the first quarter (Q1) ended 30th June 2011.
The net profit after tax in the current quarter has nearly doubled (Rs 38.66 Crores as against Rs 20.04 crores in YOY Quarter) reflecting the strong growth momentum in the performance of the company. The total income for the quarter ended 30th June 2011 stood at Rs 436.15 Crores.
Adopting the annual accounts for the financial year 2010-11, the Board has also recommended a final Dividend (@10%) of Re 1 per equity share and Re 1 per ‘B’ equity share subject to the approval of shareholders.
Also noteworthy is the five fold jump in the consolidated net profit of the Company for the year ended 31st March, 2011. (109.17 Crores in 2010-11 as against Rs 20.40 crores in 2009-10)
Commenting on the performance, Mr Arun Kumar Jagatramka, Chairman and Managing Director, Gujarat NRE Coke Ltd said, “We have started the year on a positive note and expect to further improve the same as the Indian industrial demand picks up post monsoon”.
“The impressive results reinforce the fact that the company is in a sustained growth track. We have all the ingredients to maintain this growth momentum as our expansion plans progress as per schedule”, said Mr Jagatramka. He further informed, “Despite the floods having receded in Queensland in Australia, and most mines back in normal production, prices for the July-September quarter have settled much higher around $305-$315 per tonne as against $225 per tonne in the same quarter last year. This only shows that supply is not able to match the global demand and this imbalance and shortage is expected to continue for a while. Since met coke generally follows the same trend of coking coal, demand and pricing are expected to remain strong.”