IAFL Q2 net up 4.33pc; sales jump 52.06%

New Delhi, Oct 31 (UNI) Indo Asian Fusegear Ltd (IAFL), manufacturer of electrical switchgears and CFL, today recorded sales of Rs 55.23 crore for Q2FY07 over Rs 36.32 crore during Q2 of last fiscal, a growth of 52.06 per cent.

IAFL's export turnover for the quarter grew by 73.87 per cent at Rs 7.44 crore while its net profit witnessed a jump of 4.33 per cent at Rs 4.34 crore over the same quarter a year ago.

During the half year ended September 2006, the company registered sales of Rs 100.06 crore, up by 48.41 per cent over Rs 67.42 crore reported durinh H1FY06.

Mr V P Mahendru, CMD, IAFL said, ''The management expects the current fiscal to be robust on account of capacity enhancement and commissioning of new units to manufacture CFLs, FTLs and Wires in tax free zone of Hardwar. We are confident of achieving higher margins in the switchgear business in the current year.'' The revenues from the switchgear business in H1FY07 were Rs 83.78 crore as against Rs 55.32 crore during H1FY06. The exports of the division were up at Rs 9.89 crore as against Rs 5.39 crore in the same period a year ago, an increase of 83.48 per cent.

''The higher sales are a result of continuous R&D by IAFL and developing new version of products which are energy efficient and user friendly,'' he said.

Mr Mahendru added that IAFL had tied up with BSES to supply CFLs at competitive rates, in line with its objective to bring down the consumption of energy in the city by providing effective and economic ways to consumers to encourage energy savings.

The lighting business recorded revenues of Rs 16.48 crore in Q2FY07 as against Rs 12.42 crore in Q2FY06.

UNI PV MQA HS1959