Business Daily from THE HINDU group of publications
Wednesday, May 28, 2008
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Business Daily from THE HINDU group of publications Wednesday, May 28, 2008 ePaper | Mobile/PDA Version | Audio |
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Corporate
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New Projects Corporate Results - Chemicals Premier Explosives plans Rs 50-cr backward integration, expansion Our Bureau Hyderabad, May 27 Premier Explosives Ltd (PEL) of Hyderabad will invest Rs 50 crore in the next two years for backward integration and capacity expansion. The company is into manufacturing explosives and accessories for civilian and defence needs. “We are looking at producing two to three raw materials ourselves and the projects are under consideration. They are likely to be finalised in the next one month,” Mr A.N. Gupta, Chairman and Managing Director, Premier Explosives, said while addressing a press conference here on Monday. FinancialsThe company’s turnover for the financial year ended March 31, 2008 dipped 7.48 per cent to Rs 64.35 crore (Rs 69.56 crore). The dip in turnover was due to hiving off the mushroom division of the company. The mushroom division’s turnover was around Rs 20.03 crore; this division was hived off at the beginning of the fiscal. But even after this PEL managed to garner additional revenues of Rs 11 crore because of expansion and due to the service contract from the Indian Space Research Organisation. The net profit for the year under review was at Rs 5.83 crore (Rs 2.62 crore) and the profit before tax was up 92.65 per cent to Rs 8.65 crore (Rs 4.49 core). This, however, includes Rs 3.97 crore capital gain due to the sale of assets of mushroom division. The earning per share during the year was Rs 7.17 (Rs 3.23) and PEL’s board for the year recommended a dividend of 15 per cent. The company has four manufacturing units – two in Andhra Pradesh and one each in Maharashtra and Madhya Pradesh. The company also has two joint ventures abroad, one in Ankara (Turkey) and the other in Tbilisi (Georgia). “For the current financial year we expect a turnover of about Rs 75 crore with a profit before tax of between Rs 8-10 crore,” Mr Gupta said. PEL recently won the Defence Technology Absorption Award given by the Defence Research and Development Organisation for 2007. More Stories on : New Projects | Chemicals
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