PSL Q4 profit up 125% to Rs 15.76 cr

New Delhi, June 28 (UNI) PSL Limited today registered a 125.5 per cent increase in its net profit for the quarter ended March 31, 2006, at Rs 15.76 crore as against Rs 6.99 crore for the corresponding period last year.

The company's total income for the quarter was down by 21.27 per cent at Rs 4.7 billion as compared to Rs 5.7 billion for the same period last year.

The company registered a 53.7 per cent increase in its net profit at Rs 49.19 crore for the year ended March 31, 2006, as compared to Rs 32.01 crore last year.

The total income was up by 6.6 per cent from Rs 14.6 billion in FY05 to Rs 14.6 billion in FY06.

The company had an excellent booked order worth Rs 15 billion as on March 31, 2006 including GAIL's project of large diameter gas pipeline totalling 361.5 kms worth Rs 4.2 billion and water pipeline project from Larsen&Toubro for supply of coated pipes worth Rs 1.7 billion.

''In this quarter, we secured multiple orders from GAIL for large diameter gas pipeline tenders, which further substantiates our view that HSAW pipes are the safest and the most inexpensive mode to manufacture pipes for transport of oil &gas,'' PSL Ltd Managing Director Ashok Punj said.

The company should continue to deliver a growth led performance on account of a strong order book and a buoyant sector, he added.

PSL Ltd has drawn up expansion plans to augment its Helical Submerged Arc Welded (HSAW) pipe manufacturing capacity and coating facilities at Kakinada, Jaipur and Vizag.

PSL Limited (PSL) is the largest manufacturer of high-grade large diameter HSAW pipes in India and is engaged in manufacturing and supplying pipes certified to API (American Petroleum Institute) standards for Oil, Gas and Water Transmission as well as structural and piling applications for both Onshore and Offshore sector.

UNI DKS RA KP1936