Everest Kanto Q1 net soars 94 pc at Rs 22.3 cr

Mumbai, July 27 (UNI) Everest Kanto Cylinder Ltd (EKC Ltd), a leading manufacturer in India of high pressure seamless gas cylinders, posted 94 per cent increase in net profit at Rs 22.3 crore for the first quarter ended June 30, 2007 as compared to Rs 11.5 crore in the corresponding quarter last year.

Net sales grew by 40 per cent to Rs 111.3 crore compared to Rs 79.6 crore in the corresponding quarter last year.

There has been a strong growth in both top-line and bottom-line despite the fact that the first quarter has always been historically lean and is not representative of the full year's performance.

In a statement, company Chairman and Managing Director Prem Khurana said, ''We continue to be well positioned to capitalise on the growing CNG demand in the country. With CNG getting acceptance as an alternative fuel, fresh demand for CNG cylinders will come from the new cities where gas projects are expected to commence over the next several years.'' UNI