Financial Daily from THE HINDU group of publications
Wednesday, Jul 28, 2004
Financial Daily from THE HINDU group of publications Wednesday, Jul 28, 2004 |
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Corporate Results
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Engineering Kennametal Widia back in black; posts Rs 24.8-cr net Our Bureau
Bangalore , July 27 ENGINEERING firm Kennametal Widia India Ltd has swung back to black, as its net profit was Rs 24.8 crore during 2003-04 compared to a net loss of Rs 46.7 crore a year ago. The company reported a total income of Rs 230.9 crore in its 12-month accounting period ended June 2004, down from Rs 281.6 crore reported in its previous fiscal's 18-month accounting period. It plans to invest Rs 40 crore in the current financial year to expand its capacities across India, a company news release said. Substantial portion of this proposed investment would be funded through internal accruals. The Managing Director, Mr Kumar Kanetkar said, "The company is now debt free, has achieved a significant reduction in its receivables and is well poised to register significant growth in the coming years." The company's current manpower stands at 950 down from 1,358 as on the beginning of the fiscal, following a voluntary retirement programme and sale of its mining and construction tools business. Its mining and construction tools business was divested effective March 1, 2004. However, the remaining three businesses, metal working, metal forming and machine tools have registered strong growth during the year, the statement said.
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