Indo Asian Fusegear Limited, a leading manufacturer of Electrical Switchgear and Energy Efficient Lighting equipments, today announced its audited results for FY 08 and Q4FY08. Revenues during the Financial Year increased by 23% to Rs. 276.4 crores as against Rs 224.9 Crores during the previous year. EBITDA stood at Rs. 34.8 crores, a growth of 17% for the FY 08. The Profit after Tax stood at Rs. 13.52 crores for the year as against Rs 17.38 crores in the previous year.

The performance of the switchgear sales continued with the healthy trend, showing a growth of 29% to Rs.244 crores as against Rs.188 crores in the previous year. The Lighting segment showing sales at Rs.33 crores as against Rs. 37 crores for the previous FY.The company commenced operations of its three state of the art plants at tax free zone of Haridwar, Uttarakhand to manufacture lighting equipments, wires & switchgears products.Exports showed a strong growth of 65%, increasing from Rs. 36.6 crores (16.3% of total sales) in FY07 to Rs. 60.4 crores (21.9% of total sales) in FY08, with higher focus on Middle East, Europe, Latin America and Africa. Q4FY2008 v/s Q4 FY2007

Revenues during the quarter increased by 5.9% to Rs.72.85 crores as against Rs 68.8 crores during the corresponding quarter of the previous year. EBIDTA increased by 7.8% to Rs. 9.99 crores as against Rs. 9.27 crores. The Profit after Tax to Rs. 3.21 crores in the quarter as against Rs 4.98 crores reported in the corresponding quarter of the previous year.

Commenting on the company’s performance, Mr. V.P. Mahendru, Chairman & Managing Director, Indo Asian Fusegear Limited, said, “During the year, we have invested in new project for switchgear at Haridwar, Uttrakhand, but the impact of which will reflect in sales and contribution in coming quarters. Consequently, the depreciation and the interest cost on this investment have depressed the earned profits. Additionally the input cost of raw materials like plastic, metal, steel, aluminum, copper etc. have increased substantially which has pressurized our operating margins. The additional cost have since been factored in new pricing of products.

“We are pitching for newer areas for additional revenue generation from the business. We are now negotiating for some electricity circles in Haryana, Uttar Pradesh, Madhya Pradesh & Rajasthan. We have already entered into tie-ups for CLF’s supply with power distribution companies in Delhi, Haryana and Jaipur. These initiatives will further improve the performance of the company in the coming year. Mr. Mahendru said.

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