Ramsarup witness 36 pc increase in PAT

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Mumbai, Jun 25: Ramsarup Industries Limited, second largest producer of steel wire has witnessed an increase in Profit After Tax of 36 per cent to Rs 59.42 crore as compared to last year's Rs 43.56 crore.

Export jumped to Rs 95.73 crore against Rs 71.44 crore, up by 34 per cent. The Net income for the year ended March 31, 2008, stands at Rs 1,581.85 crore, 21 per cent up from Rs 1,306.02 crore for the same period last year, the Company stated in a release issued here today.

The last quarter has contributed Rs 507.12 crore to the Net Sales, 20 per cent over the last year's Rs 419.63 crore. PAT for the quarter stands at Rs 16.25 crore, 44 per cent up from Rs 14.39 crore for the same period last year, release said.

The EPS of the Company is Rs 33.82 as compared to Rs 24.76 for the last year. The Company has recommended a dividend of 20 per cent on equity shares of Rs 10 each.

Wires and steel products continue to be the revenue drivers for the Company. Commercial production of LRPC strand wire commenced during the last quarter. The order for multi-product plating line plant has already been ordered and it is expected to commence production in current year.

The setting up of single Line LRPC plant will be completed by September 2008, the first of its kind to be produced in India.

''We are aggressively perusing our plans to produce 6,00,000 metres of steel wires and finished wire products by 2010 and are well on track with our goal,'' Ramsarup Industries Limited CMD Ashish Jhunjhunwala said.

The merger of Ramsarup Lohh Udyog Limited has been approved by the shareholders and awaits regulatory approvals, the release added.

Ramsarup Group is mainly into the manufacture of steel wires and TMT bars, which it supplies to the power and infrastructure sector.

The group is also putting up facilities for backward integration, with production of 7,00,000 MTPA integrated steel plant to produce steel billets and 20 MW power at Kharagpur. The current capacity of steel wires stands at 2.88 lakh metres.

UNI

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