- Consolidated Profit After Tax at Rs 8.41 crores against net loss of Rs. 7.44 crores;
- Consolidated Net Sales Up 40.6% at Rs. 141.2 crores
- Interim dividend of 10% for third quarter
Bihar Tubes, one of the leading manufacturers of ERW Steel Pipes, Tubes and hollow sections, today announced its financial results for the quarter ended December 2009 and Nine Months of FY2009-10.
Net sales for the third quarter ended December 2009 on consolidated basis has risen by 40.6% to Rs 141.15 crores as against Rs 100.4 crores for the corresponding period previous year. Higher production and newer product mix has contributed to intensify its market presence during the quarter. As against loss of Rs 7.68 crores last year, company has posted operating profit of Rs 13.95 crores. Net profit has also risen to Rs 8.41 crores as against net loss of Rs 7.44 crores. On equity of Rs 20.29 crores, EPS for the quarter amounts to Rs 4.15.
Company has declared an interim dividend of 10% i.e. Rs 1 per equity share of Rs 10 each.
During the quarter, company has achieved highest ever production volumes, risen by 64%. Company has reported higher supply of hollow sections to automotive sector like new variety of low floor buses.
For the nine month period ended December 2009, net sales has risen 13.7% to Rs 407.13 crores and operating profit has catapulted by 79% to Rs 40.13 crores as compared to corresponding period previous year. The jump in net sales during the nine month period is due to higher sales volume of tubes and hollow sections despite lower per unit realizations. The EPS for the 9 month stood at Rs 13.06.
EBIDTA margins have improved to 9.60% during the nine months as against 5.8% previous period on back of higher contribution from new market segments like automobile, telecom towers. Company has executed supply of hollow sections to prestigious projects of New Delhi airport, automotive sector, etc
Prices of steel pipes and tubes which remained subdued till second quarter stabilized during the third quarter. An upward movement has been observed in the prices from December 2009. Interest and depreciation have gone up due to commissioning of the first phase of new expansion facility in Hosur, Tamil Nadu.
Mr. Sanjay Gupta, Managing Director said, “the current quarter results reflect higher supplies to newer segments like airports, automotive and urban infrastructure. We are proud to be a leading supplier of hollow steel sections to new range of low floor buses which have shifted from using traditional steel structurals and angles. Commissioning of new greenfield facility in Hosur, Tamilnadu, with the capacity two hundred thousand TPA (After the capacity expansion the total capacity of the company would be four hundred thousand TPA) which will give further impetus to meet the growing demand in South India and also save on transport cost.”
The Company has entered into automotive segment in a big way. There are substantial orders in hand from the major low floor high capacity bus manufacturers.
About Bihar Tubes
Incorporated in 1986, Bihar Tubes, have carved an unparalleled position in the global market by making relentless endeavor to cater to clients with premium quality pipes & tubes. Primarily, Bihar Tubes a leading manufacturer and exporter of Steel Pipes & Tubes, Hot Dipped & Pre Galvanized Steel Tubes, Fence Tubes, Structural Steel. Bihar Tubes is one of the leading supplier of hollow section steel tubes to industries like urban infrastructure namely airports, metro, crash barriers, offices and entertainment complexes.
