Famous more as a ‘carbon credit’ company, the financial performance for year ended 31-03-08 has been good.
Presenting its consolidated performance, which also includes the financials of INOX, which is a subsidiary of Gujarat Fluoro, the increase in margins, despite soaring operating expenses and interest outgo shooting up by over 3.5 times is noteworthy.
On a 28% rise in net sales, the company managed to show a 26% rise in PBT. A 15% increase in taxation led to a 32% rise in PAT at Rs.344.42 crore. Cash profit was up 24% at Rs.408.59 crore. On an equity of Rs.11.58 crore, it posted an EPS of Rs.29.75 on a face value of Re.1 per share.
The company declared a total dividend of 350% for FY08, which on the current market price of Rs.195, gives a dividend yield of 1.79%.
In FY 08, it earned Rs.7.07 crores via sale of carbon credits.
The backward integration projects of the company, of captive power plant, caustic soda plant, chloromethanes plant and PTFE plant at Dahej, Gujarat has been fully commissioned. It is commissioning another 31.50 MW wind power farm in Rajasthan in current Q1.
It has also entered into formation of a JV in China for manufacture of anhydrous hydrogen fluoride at an investment cost of Rs.11.51 crore.
The company has announced that it will buy back 10% of its shares at Rs.300 per share, aggregating Rs.61.43 crore. It is awaiting necessary approvals.
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