Gujarat NRE Coke to set up greenfield coke plant in Andhra

Kolkata, Jul 19 (UNI) Low ash metallurgical coke manufacturer, Gujarat NRE Coke will set up a one-million ton greenfield coke plant in Andhra Pradesh involving an investment of Rs. 450 crore, Vice-Chairman and Managing Director A K Jagatramka today said.

The company was also in process of installing waste heat recovery power plants with an aggregate capacity of 60 MW in all its coke plants at a total cost of Rs 300 crore, he told reporters while announcing financial results for the first quarter.

The company recorded about 103 per cent growth in its net profit at Rs. 94.4 crore as against Rs. Rs. 42.8 crore in the the corresponding period last year.

Net sales of the company rose to Rs 377.64 crore, against Rs 148.89 crore in the same period last fiscal.

The board recommended a final dividend of 25 per cent to the shareholders for the year 2007-08.

Gujarat NRE would also issue bonus shares in the ratio of 2:5-- two shares for every five shares held by the shareholders-- a company statement said.

The group reported a net profit of Rs 121.45 crore for the first quarter in the current fiscal, against Rs 403.77 crore in the corresponding period last fiscal.

The company also announced the audited results for the fiscal 2007-08, with a net profit of Rs 172.8 crore, a 210 per cent rise, against Rs 55.73 crore for the year ended March 31, 2007.

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