Adhunik Metaliks Limited (AML), a leading producer of alloy steel based in Eastern India, has reported gross sales of Rs. 347.41 crores in the quarter ended March 31, 2008 against Rs. 210.66 crores in the comparable quarter of 2006-07. Net sales for the quarter grew by 65.89 per cent to Rs 311.92 crores from Rs 188.03 crores in the corresponding quarter last year. The board of directors has proposed a dividend of 12 per cent for 2007-08.

The profit before interest, depreciation and tax for the quarter under review increased to Rs.50.27 crores from Rs.28.57 crores, an increase of over 75.95 per cent and net profit (PAT) was steady at Rs. 21.90 crores compared to Rs. 21.58 crores.

For the full year to March 31, 2008 the net sales grew to Rs 1004.59 crores from Rs 735.75 crores while PAT for the year rose to Rs 80.45 crores from Rs 77.46 crores in the previous year.

Mr. Manoj Agarwal, managing director of Adhunik Metaliks Ltd, said: “The company is now set to enjoy the benefits of backward and forward integration at its steel plant in Rourkela. To further unlock value for our shareholders, our board has decided to issue equity of Orissa Manganese and Minerals to the public.”

Sourced From: Adfactors Public Relations Pvt Ltd

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