The Hindu Business Line : BOC net zooms on exceptional income

Kolkata, Oct. 24 BOC India has registered a 209 per cent growth in net profit at Rs 21.87 crore for the third quarter ended September 30, 2008, up from Rs 7.08 crore during the corresponding period of last fiscal, according to a press statement issued by the company.

The board of directors of the company approved the un-audited financial results for the third quarter at the Board meeting here on Thursday. The net profit includes an exceptional income of Rs 8.99 crore from the financial lease of certain plant and machinery by the company, the release said.

The gross turnover of the company registered 33 per cent growth at Rs 142.37 crore for the quarter, up from Rs 107.25 crore during the corresponding quarter of last year. The turnover from gases and related products segment increased by about 26 per cent at Rs 111.27 crore (Rs 88.63 crore).

The gases business has been showing continuous improvement on a quarter-on-quarter basis on the back of stable demand from the tonnage, bulk, merchant and medical customers, which include electronic gases in the sunrise solar photovoltaic business, the release said.

Third party billings of the Project Engineering Division during the quarter under review also rose by over three times from Rs 10.25 crore to Rs 33.90 crore due to higher billings by the division in its turnkey projects in refinery and steel sectors.

“This increase is despite the division’s extensive engagement with in-house projects, notably the 1,800 tonnes per day (tpd) air separation unit at JSW Steel works at Bellary, where the inter segment revenue during the quarter was Rs 76.12 crore,” the release said.

There has been an increase in the fixed costs of the company and other overheads due to the inflationary trends in the economy. This has exerted pressure on the company’s business and margins.

The board appointed Mr Srikumar Menon, finance director, as its new Managing Director for a three-year term.

Commenting on the financial results, Mr Menon said, “Both segments of our business have performed exceedingly well in spite of inflationary pressures on the business. We are continuing our focus on enhancing returns on capital employed coupled with a concerted drive towards containment of costs thereby transforming the company into a leading organisation.”

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