City-based Gujarat Ambuja Exports Limited (GAEL) has posted strong growth during the first quarter ended June 30 this year. The company has clocked a 24% growth in turnover and a 38% increase in net profit compared to the same period last year.

The company, which is engaged in maize processing, edible oil extraction and cotton yarn manufacturing businesses, has achieved a turn over of Rs. 438.13 crores for April-June this year compared to Rs. 353.93 crores in the same period during 2007-08, with agro processing division generating the maximum of revenue, followed by maize processing and cotton yarn divisions. The company has achieved operating profit of Rs. 43.40 crores for the period under review compared to Rs. 31.52 crores in the first quarter of last fiscal year indicating a growth of 38%. The profit before tax is Rs. 29.48 crores for the period under review compared to Rs. 21.43 crores of corresponding quarter in last year.

The Board of Directors also recommended 20% p.a. final dividend for F.Y. 2007-08, making total dividend for F.Y. 2007-08 @ 40% p.a.

The Company also expect bright future for Soyabean and Starch industry due to very good monsoon.

The Company’s starch plant at Uttrakhand has achieved 50% capacity utilization within four months of operation and expected to achieve 100% capacity utilization in next three months.

The company is 2nd largest processor of soyabean seeds and maize processing in the country.

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