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Praj Industries has posted a net profit of Rs 21.50 crore for the quarter ended Dec 31, 2011 against Rs 13.66 crore in the same period of the previous fiscal, registering a 57 per cent rise year-on-year. The profit after tax (PAT) margin stood at 9.36 per cent.
The income from operations in the quarters under review grew 48 per cent to stand at Rs 219 crore (Rs. 148.24 crore).
In the nine month period ending Dec 31, 2011, PAT stood 73 per cent higher at Rs 55.66 crore (Rs 32.91 crore) and the PAT margin was 8.74 per cent. Income from operations grew by 75 per cent to Rs 612.85 crore (Rs 350.68 crore).
Mr Pramod Chaudhari, Executive Chairman, Praj, said, “Praj will continue to pursue newer initiatives and technological advancements in its effort to achieve sustained growth in coming years.”
The order backlog as on date is Rs 900 crore. A key development during the quarter was the acquisition of 50.2 per cent stake in Mumbai based Neela System Ltd for Rs 64 crore. The company also commenced a buy-back of its shares on Dec 26, and will buy back a maximum of 62.07 lakh shares at a price not exceeding Rs 90 a share for an aggregate amount of Rs 55.8 crore.
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