core sector communique

IFGL Refractories clocks robust performance

for quarter ended 30^th June, 2012

Kolkata, 13^th August, 2012 - Financial performance of the Company for quarter ended on 30^th June, 2012 compared to corresponding quarter of previous year, have been as follows:

Rs in lacs

	Quarter ended		Variance
	30/06/2012	30/06/2011	Amount	%
Consolidated
Total Income	17,454	12,636	4,818	38.13
Profit before Tax	1,688	1,430	258	18.04
Profit after Tax and Minority Interest	1,256	1,070	186	17.38
Stand-alone
Total Income	7,744	6,179	1,565	25.33
Profit before Tax	817	634	183	28.86
Profit after Tax	551	480	71	14.79

Compared to immediately preceding quarter ended on 31^st March, 2012, Total Income, Profit before Tax and Profit after Tax and Minority Interest on consolidated basis are higher by ↑9.66%, ↑32.18% and ↑92.64% respectively. On annualized basis, EPS on consolidated basis is Rs 14.28 compared to Rs 11.28 for financial year 2011-12.

Similarly, compared to immediately preceding quarter ended on 31^st March, 2012, Total Income Profit before Tax and Profit after Tax on Stand-alone basis are higher by ↑7.75%, ↑3.55% and ↑9.54. % respectively. On annualized basis, EPS on Stand-alone basis is Rs 6.12 compared to Rs 4.79 for financial year 2011-12.

Consolidated results for the quarter however are strictly not comparable with that of immediately preceding quarter or that of corresponding quarter of previous year or that of previous year as the same also comprise of results of IFGL Exports Ltd, which became a 51% subsidiary of the Company on and from 30^th March, 2012.

The Company is hopeful that aforesaid positive trend is likely to continue in coming quarters also, barring market dynamics changing radically including macro economic factors namely appreciation of Rupee, European economies further deteriorating. Your Company is continuing to monitor these factors closely and would continue to be taking appropriate steps as and when necessary.

About IFGL Refractories:

IFGL Refractories is a leading manufacturer of specialized Refractories having manufacturing facilities in Brazil, China, Germany, India, UK and USA. Krosaki Harima Corporation (a subsidiary of Nippon Steel Corporation, Japan) is the technology provider. Equity Shares are listed both on Bombay Stock Exchange Limited and National Stock Exchange of India Ltd.