Gayatri posts impressive growth of 30.7 per cent

By Staff
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Google Oneindia News

Hyderabad, July 27 (UNI) Gayatri Projects Limited, One of India's fastest-growing construction companies, has reported an impressive growth in the quarter ended June 30 this year.

The company has reported a growth of over 30.7 per cent at Rs 1,328.63 million for the quarter ended June 30, 2007 as against Rs 1,016.19 million during the last corresponding period. The net profit for the quarter, however, dropped by around 7 per cent to Rs 64.41 million from Rs 69.54 million in the same quarter previous year. The decline was mainly due to higher provisioning towards taxation and fringe benefit tax. The EPS-based on enhanced capital stood at 6.44 upto June 30, this year.

In a statement here, Gayatri Project Managing Director Sandeep Reddy said "the June quarter has been a significant in terms of the growth with revenues while the net profit eased marginally due to higher provisioning for taxes and the investment of Rs 536.50 million that the company has invested in the quarter in two separate SPVs for the construction of 88 km of National Highways". Our margins continue to be one of the best among the construction companies with an EBITDA margin at 15.99 per cent during the June quarter. This was due to our in-sourcing model and our unique equipment bank".

The company has achieved the financial closure for the two SPVs-Gayatri Jhansi Roadways Limited and Gayatri Lalitpur Roadways Limited, and already drawn the first instalment of loan in July, 2007 as the total cost of two projects was Rs 7,335.70 million, he added.

UNI

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