Pipe manufacturer MAN Industries today said its net profit increased 35.19% to Rs 25.20 crore for the fourth quarter ended March 31, 2012.
It had posted net profit of Rs 18.64 crore of the corresponding quarter of 2010-11.
Net sales of the company, however, fell 9.34% to Rs 325.98 crore during the quarter, vis-a-vis Rs 359.62 crore of the Q4 of FY'11, MAN said in a statement, without providing reasons for fall in sales.
For the full year 2011-12, the company reported highest ever net profit at Rs 102 crore, registering a growth of 11%, compared to Rs 91.96 crore in FY'11.
Besides, company's net sales were up 7.14% at Rs 1,702 crore in FY'12.
"The company posted highest ever profit in 2011-12 in its 25 years history. We are expecting further growth in the current financial year. Our current order book stands at Rs 1,200 crore which is to be executed within the next 7-8 months," company Chairman R C Mansukhani said.
The Mumbai-based firm is a leading manufacturer of SAW (submerged arc welded) pipes and coating systems for high- pressure oil and gas applications with a production capacity of nearly one million tonnes per annum.
During the year, Japan's Kobe Steel picked up about 3.2% stake in the company for about Rs 30 crore as part of its strategic partnership. The move was aimed at developing products jointly and meet the demand of the global steel pipe-market.
The company's Board has recommended a dividend of 40% or Rs 2 per share to the shareholders for 2011-12.
Two days ago, it had repaid loans worth $64.35 million that were raised through foreign currency convertible bonds in 2007.
Shares of the company were quoting Rs 99.80 a piece on the BSE, up 2.41% from Thursday's close.