Heavy Engineering Corporation (HEC) has signed a MoU with the ministry of heavy industries of the Government of India, setting a gross turnover target of Rs 550 crore for fiscal 2009-10.
This target was 18 per cent higher than the targetted turnover of the current fiscal.
The target was enhanced despite the economic slow down and around 6 per cent reduction in excise duty, said company sources.
The MoU set a gross margin or PBDIT target of Rs 46.50 crore for the next fiscal, also 18 per cent higher than the current year’s targetted gross margin. The net profit target was set at Rs.21.55 core against Rs 6.16 crore targeted for the year 2009-10. HEC should be able to achieve the target despite higher manpower costs, an offical said.
