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Thursday, May 04, 2006

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MRO-Tek net, revenues rise

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MR S. NARAYANAN (RIGHT), Chairman & Managing Director, MRO Tek, and Mr R. Ramaswamy, CFO, at a press conference in Bangalore on Wednesday. - G. R. N. Somashekar

Bangalore , May 3

MRO-TEK has reported a growth of 323 per cent in net profits and 21 per cent in revenues for the year-ended March 31, 2006, over the previous year.

Net profits for FY06 stood at Rs 17.56 crore on revenues of Rs 144 crore as compared to a net of Rs 4.15 crore on revenues of Rs 119 crore in the previous year.

The company declared a final dividend of 20 per cent (Re 1 on par value of Rs 5) for the year. With this, the total dividend payout works out to 45 per cent (Rs 2.25 per share), including the interim dividend of 25 per cent declared earlier (Rs 1.25 per share). The MRO-Tek shares closed lower by a little over one per cent at Rs 82.90 on the Bombay Stock Exchange on Wednesday.

The company has cleared its Rs 13-crore term debt as well as temporary working capital borrowings and is totally debt-free, Mr Ramaswamy, CFO, MRO-TEK, said.

Mr S. Narayanan, Chairman and Managing Director, said the company was targeting a revenue growth of 15-20 per cent for the current financial year. The company, which commercialised about five products last year, expects to commercialise five more in the current year, he said.

Mr H. Nandi, Managing Director, said the company expects to spend about Rs 3-4 crore on research and development this year. "The R&D team has grown and expected to growth further on the Network Management Services (NMS) team," he said.

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