SSI reports 7.53 crore profit

Chennai, Apr 21 (UNI) SSI Limited today reported a Proft After Tax (PAT) of Rs 11.53 crore for second quarter ending March 31 this year as against net loss of Rs 2.67 crores during the end of first quarter.

Other income for the quarter ended March 2006 was Rs.14.61 crore, including Rs 12.71 crore from sale of 18,00,000 shares in Aptech Limited. SSI had invested in Aptech Limited in June 2003.

Since the merger of SSI's education business with Aptech and its technology business with Scandent Solutions, SSI Limited., has been engaged in asset-based businesses in emerging verticals in the resurgent Indian domestic market including the Entertainment space.

A company release said SSI Limited raised Rs 75 crores through issuance of stock to investors including Morgan Stanley Mutual Fund, MIRAE Asset India Solomon Equity Investment Trust, ASK Raymond James Associate Private Limited, The India Fund Inc., and Reliance Capital Trustee Company Limited at Rs 104.85 per share.

SSI also completed acquisition of 54.64 per cent stake in Telephoto (through an open offer), forayed into hospitality sector with the launch of Ooty Villa Park, and plans to set up multiplexes in Tamil Nadu through Telephoto.

Announcing the Q2 results, Mr Kalpathi Suresh, Chairman and CEO, SSI Limited, said, "We are currently in the process of developing over 5000 apartments in Perambur in North Madras. We expect to start construction of Phase one, comprising 500 apartments, by the end of fourth quarter (July-September quarter). We expect to roll out 1000 apartments every year over the next five years." he added.

He said "beginning Financial year 2007, the company is expected to show substantial increase in its top line and is targeting a Gross Margin of 40-50 per cent." UNI GV VV 1403