Kew Industries Limited, a leading maker of defence stores and automobile components for OEMs, has seen a 77.3% year on year rise in its Net Profit for the nine months since the start of the financial year FY07, to Rs 367 lacs from Rs 229.9 lacs for the corresponding period last year. Total Income for the nine-month period has grown 30.2% year on year, to Rs 3694 lacs from Rs 2837 lacs.
The company will acquire a new facility for casting and forging activities, which will enable Kew to hit a turnover of RS 250 crores in the next two years.
For the quarter ended December 31, 2006, Kew saw its Total Income rise 11.19% year on year to Rs 1649 lacs from Rs 1483.8 lacs for the corresponding quarter last year. Net profit for the quarter was up 77.9% year on year at Rs 220.6 lacs from Rs 124.3 lacs last year. Basic and diluted earnings per share for the quarter was at Rs 1.71 per share, and Rs 2.85 per share for the nine months since the start of FY07.
The company concluded its initial public offering of 70 lac equity shares, raising Rs 21 crores. The issue proceeds will be used for modernization and expansion of the company's manufacturing facility and expansion of its Research and Development facilities. The Board of Directors also issued and allotted 70 lac convertible warrants, to be converted in equal number of shares of Rs 10 each, within 18 months at a price of Rs 30 per share.
Sourced From: Concept Public Relations India Pvt. Ltd
