Indo Asian FY07 net rises 10%, to raise $50 mln through FCCBs

New Delhi, June 28 (UNI) Electrical switchgear maker Indo Asian Fusegear Ltd today posted 10 per cent growth in net profit at Rs 17.38 crore in FY07, against Rs 15.80 crore last fiscal, and will raise 50 million dollars through Foreign Currency Convertible Bonds (FCCBs).

There has been a substantial increase in interest and depreciation expenses in FY07, Indo Asian Fusegear Ltd Chairman-cum-Managing Director V P Mahendru said, adding that the company would raise about 50 million dollars in domestic and international markets through FCCBs and other securities.

The company achieved a turnover of Rs 224.90 crore for the full year ended March 31, 2007 from Rs 155.70 crore previous year, a statement said.

It has reported Rs 68.80 crore turnover and Rs 4.9 crore net profit, registering a rise of 47 per cent and 24 per cent respectively over the corresponding quarter previous year.

The exports rose by 70 per cent, increasing from 14.6 per cent of sales in FY06 to 17.1 per cent in FY07, with higher focus on Europe, Latin America and Africa.

It has commenced operations at two of its latest plants for manufacturing of energy efficient lighting products and wires in tax free zone of Haridwar, Uttaranchal.

UNI