Financial Daily from THE HINDU group of publications
Wednesday, Apr 26, 2006
Financial Daily from THE HINDU group of publications Wednesday, Apr 26, 2006 |
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Corporate Results
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Diversified Web Extras - Preferential Allotments Visaka Ind net up 34%, to pay 30 pc Our Bureau
Hyderabad , April 25 Visaka Industries Ltd (VIL), the city-based cement asbestos products, synthetic blended yarns and garments manufacturer, has posted a growth of 38.72 per cent in turnover and 34.15 per cent in net profit for the year ended March 2006. The board that met here on Tuesday to take on record the audited financial results has recommended a dividend of 30 per cent for the year (Rs 3 on a share of Rs 10). The company registered a turnover of Rs 311.2 crore as against Rs 224.34 crore in the previous fiscal and a net profit of Rs 19.25 crore (Rs 14.35 crore), yielding an EPS of Rs 17.72 (Rs 13.12) on an equity of Rs 10.67 crore. Addressing newspersons after the board meeting, the VIL Managing Director, Dr G. Vivekanand, said the total income of the asbestos division grew by 53 per cent at Rs 212.88 crore from Rs 139.11 crore in the previous fiscal. The Spinning division recorded an increase of 20 per cent in sales at Rs 86.04 crore (Rs 71.71 crore). The garments division, during its three months of commercial production, contributed a nominal turnover of Rs 69.13 lakh.
Shakthi Roofings merger
The VIL board has approved the merger of the Pune-based Shakthi Roofings Pvt Ltd with the company effective from April 1. According to Dr Vivekanand, the company has appointed valuers based on which the board would finalise the scheme of amalgamation and swap ratio. For the fiscal ended March 2006, Shakthi Roofings posted a turnover of Rs 48.94 crore and a net profit of Rs 5.4 crore on a paid-up equity of Rs 4.59 crore.
The company is planning to go in for preferential offer of equity shares for raising funds required for part financing the cement asbestos products facility at Vijayawada. The VIL board has approved placement of 3-lakh equity shares and 9-lakh convertible warrants to private investors as per SEBI guidelines.
The company expects the merger of Shakthi Roofings Pvt Ltd with it to take place soon. It expects the Vijayawada unit to commence production by October 1. The company is currently in the process of acquiring land for the Ahmedabad project. Following these developments, coupled with the Rae Barely unit working to its full capacity throughout the year, the company expects the sales of the cement asbestos division to grow further during this fiscal, Dr Vivekanand said.
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