BEML posts Rs 2600 cr turnover in 2006-07, PBT at Rs 315 Cr.

Bangalore, Apr 2 (UNI) Riding on a sales growth of 18 per cent, State owned Bharat Earth Movers Limited (BEML) today announced a turnover of Rs 2600 crore for fiscal 2006-07 with Profit Before Tax being Rs 315 crore, up by 10 per cent.

Announcing the results for the year that just ended BEML Chairman and Managing Director V Rs Natarajan told newsmen here that the company aimed to grow 20 per cent in 2007-08 to achieve a turnover of Rs 3200 crore, including Rs 150 crore of exports.

He said with an order book of Rs 1670 crore at the end of the last fiscal and another Rs 1030 crore to materialise in a month's time, the company expected to continue its record performance.

Announcing an ambitious growth plan to double the turnover to Rs 5000 crore over the next four to five years, Mr Natarajan said that the Company aimed to hit the equity market to raise about Rs 440 crore on a book building basis offering by 4.9 million shares to expand its capital base. The Company board had approved the initiative and the Draft red herring prospectus would be submitted to SEBI soon, he added.

Mr Natarajan said nearly 35 per cent of the business of the company came through Defence procurement with mining and construction equipment (both civil and defence) contributing about Rs 1600 crore of the turnover.

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