Financial Daily from THE HINDU group of publications
Tuesday, Aug 31, 2004
Financial Daily from THE HINDU group of publications Tuesday, Aug 31, 2004 |
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Corporate
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New Projects Samkrg begins Rs 30-cr capacity expansion Our Bureau
Hyderabad , Aug. 30 SAMKRG Pistons and Rings Ltd (SPRL) has embarked upon a Rs 30-crore plan to expand the capacity of its pistons manufacturing facility from five million to six million per annum and piston rings manufacturing unit from 15 million to 25 million per annum. The expansion programme is slated to be completed in two years. SPRL is a major supplier of automobile piston and ring assemblies for two and three-wheelers, tractors and light commercial vehicles. Its domestic clientele include Bajaj Auto, Hondo Motorcycle and Scooter India, TVS Motor Company, LML, Kinetic Engineering, Birla Yamaha and Kirloskar Oil Engines. Its overseas clientele include Piaggio of Italy, ACL of Australia, Derbi Nacional Motor S. A. of Spain and Briggs & Stratton Corporation of the US. According to the SPRL Chairman and Managing Director, Mr S.D.M. Rao, the expansion project will be funded to a large extent through internal accruals. The company, which posted a turnover of Rs 79.46 crore and a net profit of Rs 6.93 crore last fiscal, has targeted a 15 per cent growth in turnover and 20 per cent growth in profit in the current year. Addressing a press conference after the company's annual general meeting here on Monday, Mr Rao said that SPRL's focus would be on exports this year. The company has targeted 70 per cent growth in exports in the current year over the last year's export turnover of Rs 8.49 crore. He said that SPRL had paid off its long-term interest-bearing debts by last fiscal and had now become a debt-free company except for the working capital loan. SPRL's earning per share last year stood at Rs 7.06 and the company had paid a dividend of 45 per cent. The company's board was of the opinion that all future expansion and modernisations should be taken up through internal accruals and cost savings to the extent possible.
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