BEML net up 45% to Rs 53 crore

BS 200 SCORECARD

Bharat Earth Movers Limited (BEML) registered 45 per cent rise in its net profit to Rs 52.97 crore for the third quarter of 2006-07 ended December 31, 2006, against Rs 36.57 crore posted in the corresponding quarter of the previous fiscal.

Gross revenue in the third quarter rose 6 per cent to Rs 589.82 crore against Rs 555.12 crore for the corresponding quarter of 2005-06. The company has announced 40 per cent interim dividend for the fiscal 2006-07.

For the nine months ended December, the company's sales turnover grew 20 per cent to Rs 1603.38 crore against Rs 1341.51 crore recorded during the same period in the previous fiscal.

Profit after tax during the nine months period grew by 7 per cent to Rs 104.55 crore, in comparison with Rs 97.27 crore during the corresponding period in the previous fiscal. 
 

Rs crore	Quarter ended Dec
	2005	2006
Net sales	555.12	544.65
Other income	8.52	14.46
Total income	563.64	559.11
Expenditure	474.58	475.24
Operating profit	89.06	83.87
Net profit	36.57	52.97

The company has set a target of achieving Rs 2,600 crore sales in 2006-07. BEML's order-book, as on December 31, 2006, stood at Rs 2,053 crore.

The board has also approved the formation of a joint venture to foray into contract mining.

While BEML will have a share of 45 per cent in the proposed JV, the balance will be held together by Midwest Granite, Hyderabad, and SMJ Indonesia.

The authorised capital will be at Rs100 crore and paid up initially will be Rs 30 crore, the company said in a release.