Indo Asian Fusegear Limited, a leading manufacturer of electrical switchgear and energy efficient lighting equipments, today announced its financial results for the third quarter ended December 31, 2007.

For the third quarter, revenues increased by 24% to Rs 69.60 crore as compared to Rs 56.24 crore for the corresponding quarter in the previous year. EBITDA stood at Rs7.93 crore compared to Rs 7.75 crore in Q3, FY07. Net income stood at Rs 2.83 crore. The company has commenced operations at its latest state of the art plant for manufacture of energy efficient Switchgear products in the tax free zone of Haridwar, Uttarakhand; accordingly, there has been an increase in interest, depreciation and other expenses, the benefits from which would accrue from the next quarter onwards.

Indo Asian Fusegear Limited results for the third quarter of FY2008 reflect its continuing expanding global reach as exports contributed to Rs 13.77 crore as compared to Rs 7.88 crore in Q3, FY2007.

For the 9 months ended December 31, 2007, revenues recorded at Rs203.85 crore, an increase of 30% as compared to Rs 156.49 crore in the corresponding previous period. EBITDA for 9 months FY08 improved to Rs 24.77 crore, an increase of 21% as compared to Rs20.47 crore in the corresponding previous period. Net profit for the 9 months FY08 is at Rs 10.31 crore.

The revenues from the switchgear business in 9 months FY08 were Rs 179.18 crore as compared to Rs 129.50 crore for 9 months FY07.

The lighting business recorded revenues of Rs 24.65 crore in 9 months FY08, as against Rs 26.99 crore in the corresponding 9 months of the previous year.

Commenting on the results, Mr. V.P. Mahendru, CMD, Indo Asian Fusegear Limited said, “The Company’s performance in the quarter has been satisfactory and there is big growth potential for the coming quarters. We are in the expansion mode and have been adding new capacities, the results of which will accrue in coming quarters.

Outlook

Indo Asian Fusegear Limited witnessed strong growth with increased manufacturing capabilities and continued high customer focus. The company has leveraged its technical expertise to generate new and innovative products resulting in energy efficiency, improved environmental performance, safety and security in the use of Power. Going forward, with heavy investments slated across the value chain in the power sector, which will further positively impact on the performance of the company.

Keeping in view of robust demand for company products, it has chalked out major expansion plans.
The company has already commenced operations of 3 new state of the art plants and further expansion plans are progressing on schedule. The joint venture with Simon, Spain for India’s first world class fully automated Home Automation Products is planned to be operationalizing soon. The Saudi Arabia JV plant is also progressing at rapid pace.

In FY2008, Indo Asian Fusegear Limited is confident maintaining its growth momentum on the back of strong demand in all segments of the product portfolio.

Sourced From: Adfactors Public Relations Pvt Ltd

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