McNally Bharat Engineering (MBE) was looking to double its topline to Rs 4,000 crore over the next one year through organic growth, said chairman Deepak Khaitan.
“Considering the current order book, the company expects to register a combined (including McNally Sayaji and CMT group) topline of around Rs 2,000 crore by March 2010,” said Khaitan.
The order book position as on December 31, 2009, stood at Rs 3,500 crore. Further, bids totaling Rs 2,375 crore were at different stages of decision.
MBE acquired the CMT (coal and mineral technology) business of Humboldt Wedag GmbH.
The acquisition was made through Singapore MBE Holdings Pte Ltd. Khaitan said, Singapore MBE Holdings Pte could be listed in Singapore in two years’ time.
McNally Bharat Infrastructure, a 100 per cent subsidiary, has entered into a memorandum of understanding (MoU) to acquire Bangalore-based construction company, Buildmet. Khaitan said, Buildment would be merged into McNally Bharat Infrastructure. “McNally Bharat Infrastructure would become a complete solutions provider for a cement company,” he said.
McNally Bharat Infrastructure would grow inorganically, as well.
...Records profit growth of 95%
McNally has recorded a net profit of Rs 7.39 crore in the quarter ended December 31, 2009, an increase of 95 per cent over the same period last year. Net sales at Rs 332.50 crore was higher by 59 per cent. Earnings per share was at Rs 2.38 against Rs 1.22 in the same period last year.
