Goldstone Infratech net up 246% in 2007-08

RELATED NEWS Goldstone Infratech JV with TF SolarPower & Jusung Engg Goldstone Infratech enters solar energy sector Goldstone Tech launches IPTV services in Thailand ALSO READ See latest News about Goldstone Infra See previous management interviews See what other Experts & Brokerages are saying about Goldstone Infra Goldstone Infra BSE | NSE 31/05/12 Are Mutual Funds betting on Goldstone Infra?

Riding on the strong demand for its composite insulators, Goldstone Infratech Limited (formerly Goldstone Teleservices Limited; BSE: 532439; NSE: GOLDINFRA), a leading player in the telecommunications equipment industry, today said it posted a net profit of Rs. 10.08 crores in financial year 2007-08, a 246 per cent growth over the previous year's Rs. 2.92 crores.

 

The company's net sales and income from continuing operations for the year was Rs. 58.55 crores, an increase of 94.61 per cent over the Rs.30.86 crores in financial year 2006-07.

 

Operational Results in Q4 of 2007-08

 

Goldstone Infratech Limited recorded a net profit of Rs. 3.44 Crores in the fourth quarter, December-March, of 2007-08, an increase of 134.32 per cent over the Rs 1.47 crores in the fourth quarter of 2006-07.

 

Net sales and income from continuing operations in the fourth quarter of 2007-08 were at Rs 18.86 crores, up by 39.95 per cent over the Rs.13.48 crores in the same period of 2006-07.

 

Insulator business

 

Goldstone Infratech Limited is a pioneer in the polymer insulator business, developing the insulators at its in-house R&D. These insulators have been widely accepted by power utility companies around the country.

 

Insulators continued to be a major contributor to Goldstone Infratech's revenues in 2007-08. During the year, the insulator division accounted for Rs. 56.60 crores in revenue. During the fourth quarter, the insulator division contributed to Rs. 18.53 crores.

 

Commenting on the results, L.P. Sashikumar, Managing Director of Goldstone Infratech Limited said, "The year 2007-08 was a milestone for Goldstone Infratech, in that our insulators have been gaining bigger market shares amongst suppliers to power transmission companies in India."

 

"Going forward, we expect the insulator business to be a major revenue stream for Goldstone Infratech as we introduce newer products related to transmission and distribution and add capacities," Mr. Sashikumar added.  

 

Sourced From: Concept Public Relations India Pvt. Ltd