The Hindu Business Line : McNally Bharat project biz zooms in 2008-09

Kolkata, May 3 McNally Bharat Engineering Company Ltd (MBE) has regrouped its project business under four business groups, namely material handling and non-ferrous metals, steel, mines and port solutions, power and infrastructure.

During 2009-10, SBG Infrastructure will execute only internal jobs and the company hopes to book orders from external customers from the third quarter of 2009-10, according to company sources.

During 2008-09, the top-line in project business grew by 103 per cent over the previous year and the order book position as on March 2009 amounted to Rs 2,200 crore.

Further bids totalling Rs 4,075 crore are at different stages of evaluation including Rs 825 crore of bids where the company emerged the lowest bidder.

During the period, the operating margin at 8.33 per cent was almost the same as previous year’s 8.39 per cent, despite cost increases which were absorbed.

Open offer as per SEBI takeover code for McNally Sayaji Engineering acquisition had been successfully completed and MBE currently holds 87.33 per cent in McNally Sayaji.

Both MBE and McNally Sayaji have filed with respective High Courts for effecting restructuring plan which has already been approved. Final order from High Court is expected in May.

The company hopes to achieve a combined turnover of around Rs 1,800 crore in 2009-10.

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