Hinduja Foundries turnover up 41 %, at Rs. 551 Crores in 2010-11
Written by Viswanath   
Tuesday, 24 May 2011
New Delhi: Hinduja Foundries, the foundry arm of Hinduja Group, has registered a 41 percent growth in turnover during 2010-11 to Rs. 551 Crores from Rs.392 in 2009-10.

The production of castings during the year, at 88,545 Tons, was 34 % higher than the output of last financial year at 66,235 Tons .This is mainly due to the larger scale of operations and product spread.

"By optimizing the product mix and increasing efficiencies, we were able to improve our operating margins. We envisage further improvements with higher productivity and growing demand from existing as well as new customers both domestic and international", said B. Swaminathan, Managing Director.

He added that during the current financial year the output was expected to grow by around 30%. An investment close to Rs.70 crores has already been committed towards technology upgaradation and capacity optimization at the existing units.

Profit before interest, depreciation and tax grew by 14 % to Rs.67 Crores (Rs.59 Crores in 2009-10). Profit before Tax has gone up to Rs. 8.44 Crores (Rs.0.65 crores in 2009-10).The provision for taxation has gone up from Rs.0.30 Crores to Rs.0.97 Crores. Consequent to the provision for this taxation, the PAT is Rs.7.48 Crores (Rs. 0.35 crores in 2009-10).

The Company's equity base has been enlarged from Rs. 18.68 crores to Rs. 28.73 crores consequent to the Rights issue during this year.

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