IFGL records Rs 10373 lakhs turnover for first quarter

Kolkata, Jul 25 (UNI) Achieving more than 15 per cent growth, IFGL Refractories Ltd has recorded a total turnover of Rs 10,373 lakhs for the first quarter of the current fiscal and 122 per cent profit after tax was registered in the same period.

Disclosing this here today, company Director and Chief Executive Pradeep Bajoria said a total turnover of Rs 10,373 lakhs was recorded for the first quarter of the current fiscal, compared to Rs 8,983 lakhs in the corresponding period last year.

He said the profit after tax for the period was Rs 1060 lakhs, compared to Rs 478 lakhs in the corresponding period last year- a growth of about 122 per cent.

'' The company has shown substantial growth in spite of increased fuel and raw material costs which was possible due to higher sales, depreciation of Rupee and better product mix,'' Mr Bajoria said.

He said efficient management of cash flows, containment of overheads, effective utilisation of resources and reduction of process losses and wastages were the other factors behind the improved performance of the company.

'' The buoyancy of the Indian steel industry is continuing and barring unforeseen circumstances IFGL are of the view that the industry's performance for the current financial year will be appreciably better than that of the last fiscal,'' Mr Bajoria observed.

He informed that for 2007-08, payment of 20 per cent dividend have been recommended which would be distributed on August 22.

Referring to company's expansion plans, he said an export unit would be set up at Kandla in Gujarat with an investment of Rs 50 crores.

" The results of operation of Hofmann Ceramic Group of Germany, recently acquired by the company, will be reflected in the next quarter, which will further improve the consolidated performance of the company,'' Mr Bajoria maintained.

UNI ADG KK RN1823