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Everest Kanto Q3FY08 net profit at Rs 29.42cr up 44%

This article was posted on Jan 22, 2008 and is filed under Press Releases

Everest Kanto Cylinder Ltd., a leading manufacturer of high pressure cylinders, reported an increase of 44 per cent in net profit at Rs 29.42 crore for the third quarter ended December 31, 2007 compared to Rs 20.38 crore in the corresponding quarter last year. Net sales during the quarter grew by 12 per cent to Rs 125.54 crore compared to the corresponding quarter ended December 2006.

For the nine months ended December 2007, the company reported 76 per cent rise in net profit at Rs 80.06 crore compared to Rs 45.45 crore in the corresponding period last year. Net sales rose 25 per cent at Rs 364.59 crore compared to Rs 291.44 crore in the corresponding period at December 2006

The automobile industry in Dubai and Abu Dhabi is looking at CNG as an alternate fuel. This would prove profitable for EKC as it already has it’s presence in Dubai.

Highlighting the growth strategy and performance of the company, Mr. Prem Khurana, Chairman and Managing Director, “We expect strong growth in revenue and profitability to continue as we have embarked on an aggressive expansion mode. Further, compressed natural gas (CNG) cylinder business is seeing a favorable demand and is growing at a robust rate.”

The company is expected to commence its China operations in the current (January-March ’07) quarter. The company plans to invest US$ 50 million in the first phase of its China operation. The company has already formed a separate wholly owned subsidiary company EKC Industries (Tianjin) Co. Ltd. The company will have an initial capacity of 200,000 cylinders and plans to ramp up its capacity to one million cylinders in the next 3-4 years. China currently has about 400 CNG stations and this is expected to reach a level of 2000 CNG stations by 2010 in order to reduce its dependence on crude oil and pollution levels in various cities.

Sourced From: Adfactors Public Relations Pvt Ltd

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