IFGL REFRACTORIES Clocks best ever financial performance
Kolkata, 12th February, 2012 – The Board of Directors of IFGL Refractories Ltd (the Company) in their meeting held to-day have approved and took on record unanudited financial results, both on stand-alone and consolidated basis, for three/nine months ended on 31st December, 2011. Highlights of said financial results, already subjected to “Limited Review” by Company’s Statutory Auditors, are as follows:
Rs in lacs
| | Quarter ended | Nine months ended | Year ended | |||
| | 31.12.11 | 31.12.10 | 30.09.11 | 31.12.11 | 31.12.10 | 31.03.11 |
| | (Unaudited) | (Unaudited) | (Audited) | |||
| Consolidated | | | | | | |
| Total Income | 15,913 | 11,525 | 16,047 | 44,536 | 33,145 | 47,326 |
| Profit before Tax | 1,441 | 555 | 1,668 | 4,539 | 1,749 | 3,269 |
| Profit after Tax and Minority Interest | 1,067 | 389 | 1,199 | 3,336 | 1,274 | 2,427 |
| Stand-alone | | | | | | |
| Total Income | 7,429 | 5,026 | 6,791 | 20,338 | 14,887 | 20,884 |
| Profit before Tax | 566 | 226 | 634 | 1,834 | 608 | 1,097 |
| Profit after Tax | 367 | 152 | 394 | 1,241 | 409 | 737 |
In the opinion of the Board, aforesaid financial results, both on stand-alone and consolidated basis, are satisfactory. Total Income, Profit before Tax (PBT) and Profit after Tax (PAT) on consolidated basis for nine months ended on 31st December, 2011 are higher by ↑34.37%, ↑159.52% and ↑161.85% respectively compared to those of corresponding period of previous year. On annualized basis, Total Income, PBT and PAT are higher by ↑25.47%, ↑85.13% and ↑83.27% respectively. EPS for nine months is Rs 9.46 compared to Rs 6.63 only for previous year 2010-2011.
Similarly, Total Income, PBT and PAT on stand-alone basis for nine months ended on 31st December, 2011 are higher by ↑36.62%, ↑201.64% and ↑203.42.% respectively compared to those of corresponding period of previous year. On annualized basis, Total Income, PBT and PAT are higher by ↑29.85% ↑122.91% and ↑124.51% respectively. EPS for previous year was Rs 1.99 only whereas for nine months ended on 31.12.2011, the same is Rs 3.40.
PBT on stand alone basis for nine months ended on 31st December, 2011 is after providing for MTM loss of Rs 416 lacs.
Facilities for manufacture of Foundry Ceramic Products have successfully been set up and operating satisfactorily at Company’s manufacturing facilities in Orissa (India). Know-how is from Company’s step-down subsidiary, Hofmann Ceramic GmbH (Germany), whose manufacturing plant is operating at full capacity. Manufacturing facility set up for such products by Company’s Czech subsidiary namely Hofmann-Ceramic CZ s.r.o., as a part of the Company’s plan to consolidate its overseas operations, has been shut down and real estates on lease handed back. However, said Czech subsidiary continue to get said products manufactured locally at third party premises.
Primary factors contributing to aforesaid satisfactory financial performance have inter alia been the following
- Growth in Sales (exports increased by 36.81% compared to corresponding period of previous year)
- Appreciation of Euro/USD against Rupees
- Containment of Costs
Aforesaid unaudited financial results have been e.mailed to Bombay Stock Exchange Limited and National Stock Exchange of India Ltd and are also available on the Company’s Website: www.ifglref.com.
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. For more information about IFGL Refractories, please visit www.ifglref.in
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