Financial Daily from THE HINDU group of publications
Tuesday, Jun 06, 2006
Financial Daily from THE HINDU group of publications Tuesday, Jun 06, 2006 |
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Corporate Results
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Non-conventional Energy Praj posts Rs 267-cr turnover Our Bureau
Pune , June 5 The board of directors of Praj, ethanol technology company, has stated that it has recorded sales of Rs 267 crore (Rs 235 crore) for the financial year 2005-06 with a PBT of Rs 32 crore (Rs 28 crore). The company has improved performance in terms of EBIDTA margins, which are at 13 per cent compared to 12 per cent in the previous fiscal. Mr Pramod Chaudhrai, Chairman, Praj, commenting on the results noted that, "We plan to improve the EBIDTA margins further. This will happen with more business from international markets where it would leverage its technology and engineering expertise with all the five plants having been handed over in Colombia, South America, recognition for Praj's technology and execution has been clearly established. Our entry into the UK with the first fuel ethanol plant being set up for British Sugar is another milestone."
Orders pour in
The next stop for Praj is the US and is expecting to conclude contracts in the coming three to six months. He noted that apart from series of new orders in domestic market, it has also started getting repeat orders from international customers in Latin America and South-East Asia. As on date, Praj has orders on hand worth over Rs 450 crore. He said the board has approved investment of funds received through preferential allotment to expand research and development centre and other resources.
New R&D centre
The new R&D centre would take on biotechnology-oriented projects in areas beyond alcohol/ethanol technology. Proposal to acquire facilities in the US/Europe, to enhance the global delivery model, has also received a nod from the board, he said.
Share allotment
Mr Chaudhari said recently, Praj has completed allotment of shares to Mr Vinod Khosla (1,622,250 equity shares and 6,489,000 warrants), venture capitalist from the US who is actively promoting bio-ethanol and Marubeni Corporation, Japan (811,125 equity shares), who are also participants in the ethanol projects in various countries.
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