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MACHINIST - Hinduja Foundries new unit at Sriperumbudur commences Production

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Hinduja Foundries new unit at Sriperumbudur commences Production
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Written by Viswanath   
Thursday, 22 May 2008

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Chennai: Hinduja Foundries Limited, the foundry arm of Hinduja Group, has registered 14% growth in turnover during 2007-08 to Rs.451.42 Crores as compared to Rs.395.24 Crores in 2006-07. The new foundry commissioned at Sriperumbudur near Chennai has successfully commenced commercial production of castings during the year.

“By optimizing the product mix and focusing on efficiency improvement, we were able to improve our operating margins. We envisage further improvements during the year 2008-09 with the enhanced capacity available at the new plant and the growing demand from existing and new customers both domestic and international“, said Mr. V. Mahadevan, Managing Director. He further added that during the current financial year considerable increase in output is targeted from the new foundry.

Talking about growth plans under way, Mr. Mahadevan added that “further investments planned (of around Rs.350 Crores) will be completed in 2/3 years and the company has already acquired  lands at Hyderabad  and further at Sriperumbudur  in line with these investment plans”. 

Creation of machining facilities and R&D centre

Talking about value addition to customers he pointed out that the investment plans also include creation of machining facilities for specific customers to supply machined castings. 

“During 2008-09  the company will be  investing further in the R&D centre created at Chennai to service the customers better and to reduce development time ,and also in  the  new plant at Sriperumbudur  to  enhance the capacity  to 72000 tonnes  per annum from 2009-10” - Mr. Mahadevan added.

TURNOVER UP BY  14 % , OPERATING MARGINS UP BY  27 %

The profit before interest, depreciation and tax has gone up by 27 % at Rs 52.09 Crores (Rs.40.89 Crores).
The cost of interest and depreciation are at Rs 10.03 Crores (Rs 4.79 Crores) and Rs 16.16 (Rs 11.07 Crores) as the new plant is on stream.
Profit Before Tax has gone up to Rs 25.90 Crores (Rs 25.02 Crores).
Profit After Tax has gone up to Rs 16.92 Crores (Rs 16.17 Crores). 
The Company has successfully completed the issue of GDRs amounting to US$ 15M during April 2008.

 
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