Praj first half income grows by 50%

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Praj first half income grows by 50%

Praj first half income grows by 50%; Net Profit growth in excess of 100% over corresponding half year; Announces successful commissioning of UKs first Bioethanol Plant for British Sugar

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In the recent Board Meeting, the Board of Directors of Praj Industries took on record its Q2 results for FY 2008.   While total income is at Rs.181.73 crores (Rs.148.76 crores) and PAT at Rs. 27.09 crores (Rs. 17.49 crores).

Commenting on the performance, Shashank Inamdar, Chief Executive Officer & Managing Director, Praj shared that "Our first half-year performance for 2008 is decidedly showing a promising growth when compared to corresponding period in the last financial. While total income grew more than 46%, net profit has grown over 100% in the first half of FY08, when compared to first half FY07. On a sequential basis, operating margin has improved over the corresponding quarter in the previous year."  

The improved net profit is largely due to higher exports in the composition of sales.  

Praj also announced successful commissioning of its first plant in Europe for British Sugar Plc.   British Sugar is one of the leading sugar producers based in UK.  The bioethanol plant is also a first for UK and for British Sugar.  The plant will produce 70 mln litres per annum fuel grade ethanol from beet syrup.  Praj has supplied technology, engineering for process plant, proprietary equipment and supervision of commissioning.  

Recently, Praj also contracted an order from Tata Chemicals to install its first bioethanol plant based on sweet sorghum. Praj has been working on new and alternate energy crops.   Sweet Sorghum is one such feedstock the Company has actively promoted, working right from seed system to ethanol production plant.

To promote dialogues amongst various participants in the bioethanol industry, Praj has been sponsoring various events of significance.   This year too, Praj along with BioCnergy Europa B.V. (an Aker Kvaerner-Praj Company) will be the Diamond (lead) sponsor for World Ethanol Conference to be held in Amsterdam from 6-8^th November.  The industry is undergoing consolidation and challenges.   Some leading thoughts will emerge from the dialogues during the conference on the way forward.  Shashank Inamdar, CEO & MD will be one of the key speakers.