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Man Industries reports 41% increase in profit

Man Industries (India) Limited has reported a net profit of Rs 67.09 crore for the financial year ended March 31, 2010, as compared to Rs 47.43 crore in the last year, registering a rise of 41%. Man is one of the leading Large Diameter pipe manufacturing companies.

The company’s board during its meeting held today took on record the audited financial results for the year ended March 31, 2010. The board approved 35% dividend for its shareholders as compared to 30% a year ago.
The company has reported Net Sales at Rs1524.29 crore for the financial year ended March 31, 2010 as compared to Rs.1882.93 crore of the previous year due to lower raw material cost. Earnings per share (EPS) for the FY10 stood at Rs 12.59 as compared to Rs 8.90 in the previous year.
Net profit for the quarter ended March 31, 2010 rose by 56% to Rs 30.17 crore, as against Rs 19.38 crore posted in the same period last fiscal year. Net sales stood at Rs 452.81 crore during the quarter ended March 31, 2010 as against Rs 721.62 crore reported in the same period last fiscal.
Earnings per Share (EPS) for the quarter stood at Rs 5.66 as compared to Rs 3.64 in the corresponding period of last year.
Commenting on the results RC Mansukhani, Chairman of the company said, "Our overall performance as per our expectations as our current order book is for Rs 2000 crore. We are very much optimistic about the future performance of the company since we have been aggressively bidding for new orders in domestic as well as international markets and hopeful of winning the orders in the year ahead."

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