Manaksia Q1 net up, sees 30% sales growth for the yr

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Manaksia Q1 net up, sees 30% sales growth for the yr

Manaksia reported consolidated Q1 net profit of Rs 48 crore compared to Rs 22 crore in the same quarter last year. Consolidated net sales jumped to Rs 382 crore from Rs 298 crore it reported a year ago. In an interview with CNBC-TV18, Basant Kumar Agrawal, MD, Manaksia gave his perspective on the quarter gone by and the road ahead.

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Metal packaging company Manaksia has declared its results for the first quarter ended June 2010. It has reported a consolidated net profit of Rs 48 crore compared to Rs 22 crore in the same quarter last year. Consolidated net sales jumped to Rs 382 crore from Rs 298 crore it reported a year ago.

In an interview with CNBC-TV18, Basant Kumar Agrawal, MD, Manaksia gave his perspective on the quarter gone by and the road ahead.

Q: You have seen a good notch up of around 28% and your PAT figures really surprised, over a 100% growth. Can you just take us through what you are quarter went by looked like?

A: We have grown in our turnover by 28% and our profit has jumped by 122%. The main turnover increase has come from our exports. Earlier our exports was Rs 38.54 crore, now it is Rs 149.38 crore. The increase of 287% in our export has given us this robust growth in sales and improvement in our bottomline.

Q: Exports comprises of around 30% to 40% of your revenues. This quarter how much percentage in terms of your revenues and what sort of outlook do you have for your exports? What sort of percentage increase do you see in FY11 in terms of contribution to revenue?

A: The total exports comprises around 28% of our total turnover. We think that we are going to maintain the same growth in FY10-FY11.

Q: You foresee a 30% increase in your topline for the entire year?

A: Yes. That's what we see. If we can achieve it, we will be having a turnover of around Rs 1700 crore.

Q: Any fund raising plans or any corporate capital expansion plans that you have?

A: No, not exactly. We have very small capital expansion plans. The money that we do have, we do not have plans to raise capital or to go for debt raising.