Man Inds announces 54% jump in turnover, 66% in net profits

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Man Industries (India) Ltd, a leading manufacturer of large diameter submerged arc welded line pipes and coating systems has announces first quarter result.

 

The company has reported Sales of Rs. 321 Crores as against Rs. 208 crores and net profit of Rs. 17.35 crores as compared to Rs. 10.42 crores for the same period in the previous year.  The QOQ sales have increased by 54% whereas net profit has jumped by whopping 66% for the quarter.

 

The above results are achieved by better utilization of Anjar Production facilities. The company expects to improve capacity utilization of the existing facilities substantially in the coming months.

 

Mr. K G Mantri Sr. Vice President Corporate Affairs added "Board has also approved split of the share from Rs.10 face value to Rs.5 face value and increase in FII investment limit in the company to 49% from the present limit of 24%."

 

The order book position of the company stands at Rs. 2400 crores. In addition to this the Company has bid for several large projects globally for approx. value of USD one Billion and expects to improve the order book position substantially in the coming months as most of these bids are at an advanced stage of evaluation.

 

After the commissioning of a state-of-the-art line pipe and coating complex at Anjar (Gujarat) in the year 2005, which is the company's second facility in the country, the company has emerged out as a prominent manufacturer of line pipes and coating system on a global level with a total installed capacity to manufacture over 2500 KM of Line Pipe and with coating Systems every year.

 

The Company is executing various major contracts for manufacture and supply of line pipes and coating systems to various clients in India and abroad. 

 

Sourced From: GCI-The PR Division of Grey Global Group