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Wednesday, January 19, 2000

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Bhagyanagar Metals Q3 net up 31%, turns debt-free

Our Bureau

HYDERABAD, Jan. 18

BHAGYANAGAR Metals Ltd (BML), the flagship company of the Hyderabad-based Surana group, has registered a growth of 30 per cent in sales turnover and 31 per cent in post-tax profit for the quarter ended December 31, 1999.

According to the unaudited financial results taken on record by the board here on Tuesday, BML achieved an income of Rs. 42.54 crores (Rs. 32.64 crores) from operations, other income of Rs. 52.07 lakhs (Rs. 24.03 lakhs) and a post-tax profit of Rs. 2.53 crores (Rs. 1.94 crores) on an equity of Rs. 7.52 crores.

For the period under review, the company incurred an expenditure of Rs. 39.08 crores (Rs. 28.73 crores) and provided Rs. 18.07 lakhs towards interest (Rs. 63.67 lakhs) and Rs. 1.25 crores towards depreciation (Rs. 1.65 crores).

For the nine months period ended December 31, 1999, the company registered a growth of 31 per cent in turnover and 49 per cent in post-tax profit. It achieved a total turnover of Rs. 110.70 crores (Rs. 84.49 crores) and a post-tax profit of Rs. 5.70 cror es (Rs. 3.83 crores).

For the year ended March 31, 1999, BML posted a sales turnover of Rs. 121.91 crores, other income of Rs. 75.63 lakhs and a post-tax profit of Rs. 3.79 crores on an equity of Rs. 9.63 crores with reserves amounting to Rs. 35.22 crores.

In a press release here, the MBL Managing Director, Mr. Narendra Surana, said the company has obtained the type approval from the DoT for optical fibre cable sheathing compound, a new product from the company. Further, MBL has also become a zero-debt com pany by prepaying all its loans to the financial institutions, he added.

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