NCL Industries FY'06 net at Rs 4.03 crore, interim dividend at 10 pc

Mumbai, Apr 13 (UNI) NCL Industries has posted a net profit of Rs 4.03 crore for the quarter ended March 31 as compared to Rs 3.43 lakh for the corresponding quarter of the previous year.

Announcing the results, its Managing Director K Ravi told newsmen here that the company's total income for the quarter under review stands at Rs 45.26 crore as against Rs 23.16 crore in the correponding quarter of the previous year.

It has for the full-year ended March 31 posted a net profit of Rs 3.42 crore as compared to Rs 2.52 crore in 2004-2005, reflecting an increase of 35.62 per cent, he said.

Its net sales and income from operations recorded a growth of 37.77 per cent from Rs 92.24 crore to Rs 127.08 crore in 2005-06.

Mr Ravi ascribed the impressive performance to a near four-fold increase in the sales from Rs 7.41 crore to Rs 28.35 crore and also to a turnaround in the cement division.

The company has three operating divisions, namely cement, cement bonded particle boards and prefabricated structures.

Meanwhile, the Board of Directors of NCL Industries at its meeting today declared an interim dividend of 10 per cent to be payable to shareholders whose names appear in the Register of Members on April 20, this year -- the Record Date fixed for the purpose.

Replying to a question, Mr Ravi said the company is in the process of implementing an expansion and modernisation programme in its Cement and Boards Division. The programme consisted of establishment of a 50,000 tpa (tonnes per annum) plant for manufacturing cement bonded wooded particle boards at Paonta Saheb, Himachal Pradesh.

The company also embarked on a project to increase the cement capacity from 2.97 lakh tpa to 5.30 tpa at Hyderabad plant, he added.

The overall project cost is envisaged at Rs 68.07 crore, which is being financed by a debt of Rs 44.69 crore already sanctioned by banks and financial institutions. The balance of Rs 23.38 crore is proposed to be raised from a Rights Issue of Shares at Rs 18 per share.

The Rights Issue is slated to close on April 25 this year.

UNI SN MJ VKG1642