The Hindu Business Line : GMR Industries net, turnover up

Mr K.V.K. Seshavataram (front), Chairman, GMR Industries Ltd, and Mr K. Narayana Rao, Managing Director, at a press conference in Hyderabad on Wednesday. - A. Roy Chowdhury

Hyderabad , June 1

GMR Industries Ltd, the manufacturing arm of the GMR group, has recorded a net profit of Rs 18.70 crore in 2004-05 against Rs 11.09 crore in the previous year.

The company registered a turnover of Rs 310 crore (Rs 259 crore), showing a growth of 20 per cent.

Addressing a press conference here on Wednesday, Mr K. Narayanarao, Managing Director, said the company mooted a dividend of 20 per cent against last year's 15 per cent.

It would spend Rs 40 crore on capacity expansion by October 2007. "Post-expansion, the capacity would go up to 5,000 tonnes a day from 3,125 tonnes," he said.

On the 18-MW cogeneration plant planned in Maharashtra, the company would invest Rs 70 crore. Investments in the proposed dairy division would be in the range of Rs 50-100 crore.

Besides, the company planned to venture into agri-business and agri-infrastructure. "We are looking at dairy, confectionery, value-added sugar and seed business," he said.

Rabo Bank was preparing a report on the company's forays into agri-business.

A huge base of 25,000 farmers was expected to give a boost to the company's plan in this regard.

"We also plan to enter the bio-diesel field. Once the Government comes out with a national policy on the issue, we will announce our plans in the regard," Mr Narayanarao said.

The company expected the international division, which recorded an export turnover of Rs 126 crore in 2004-05, to evolve into a key growth engine.

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