Vishal Exports net up at Rs 12 cr

Vishal Exports Overseas Limited (VEOL) has registered 1.78 per cent rise in net sales for the quarter ended on June 30.

The net sales increased at Rs 885.33 crore for the first quarter ended ended this year as compared as compared to Rs 869.83 crore in the corresponding quarter last year.

Meanwhile, the net profit in Q1 FY07 grew by 1.56 per cent to Rs 12.34 crore from Rs 12.16 crore for the corresponding quarter last year.

Recently, VEOL has entered into an agreement with annual supply agreement of various agriculture commodities worth Rs 800 crore plus for the year 2006-07 and Rs 100 crore of gold and jewellery. Further, the company has recently received host country approval of carbon credit sale for their Rajasthan Wind Power Projects of 9.6 MW.

The additional revenue on account of such carbon credit sale from wind turbine generators will generate .20 paise per unit for such project which will improve bottomline of the project. During the quarter under review, VEOL installed and commissioned additional 10 mw of wind farm at Tenkasi in Tamil Nadu.

With this, the total installed capacity of the wind farm is at 39 mw. The income from wind farm, for the quarter was Rs. 5.06 crore as compared to Rs. 2.43 crore for the corresponding quarter last year.

VOEL has also signed a project development agreement with the Uttaranchal government for carrying out the detailed investigations and confirmatory surveys (IDC) for 5.6 MW Nandakini "� III Hydro Power Project located in the state.

It has also completed the water studies for the 1.5 mw Jakhi project in Himachal Pradesh, and the implementation of the project is slated to commence during the last quarter of this fiscal, after due approval of the detailed project report by Himurja, Himachal Pradesh.

D S Mehta, joint managing director, VEOL said: "We have executed significant export orders to a number of European countries last year. Our diversification into renewable energy generation is on a high growth trajectory and we will benefit from the infrastructure push in India. We expect to accelerate our growth by bringing in additional capabilities."