IFGL profits grow 41 per cent

Kolkata, May 10 (UNI) IFGL Refractories Limited, a refractories manufacturer and operating system for the Steel Industry, has recorded a 41 per cent rise in Profit-After-Tax(PAT) to Rs 26.24 crore in the last fiscal.

The total income of IFGL also rose by 40 per cent to Rs 323.89 crores.

Earnings per share(EPS) were higher at Rs 7.58 for 2006-07 against Rs 5.37 in the previous fiscal.

The directors have recommended dividend payment of 17.5 per cent, which is Rs 1.75 per share. This would claim Rs 7 crores, including dividend distribution tax.

In the previous fiscal, IFGL had acquired Goricon Group of Wales in the UK at a cost of nearly one million Pound Sterling. Goricon Group comprising Goricon Metallurgical Services, Wales and Goricon LIC, Ohio in US manufactures darts lances and ladle powders used in the steel Industry.

IFGL has also created a subsidiary in China called Tianjin Monocon Aluminous Refractories for making refractory darts.

The growth and fortunes of IFGL were directly linked to the steel industry. As the BRIC(Brazil, Russia, India and China) countries are registering strong GDP growth rate, the steel market is expected to be booming.

According to the National Steel Policy, India should be producing 110 million ton of steel by 2020.

UNI