Nakoda Limited (BSE code: 521030), one of the largest manufacturers of the fully drawn yarn, reported a robust growth in revenue for the quarter ended, June 30, 2010.
The company saw an increase in revenue by a whopping 23% from Rs. 251 Cr to Rs. 309 Cr during the same period for the last fiscal. The profit after tax for the quarter ended June 30, 2010 stood at Rs. 7.76 Cr, resulting into an increase of 39%, as against Rs. 5.58 Cr in the corresponding period of the last fiscal. The revenue for the half year ended on 30th June, 2010 also rose by 23% from Rs. 488 Cr to Rs. 602 Cr during the corresponding period of the previous year. Net Profits during the half year increased significantly by 60% from Rs. 9.66 Cr during the corresponding period in the last fiscal to Rs.15.16 Cr
Income from the Manufacturing Segment rose by 26% to Rs. 134 Cr from Rs. 106 Cr for the quarter under consideration. In the trading segment, the sales touched Rs. 175 Cr from Rs. 145 Cr, an increase of 21%.
Commenting on the results Mr. B G Jain, Chairman & Managing Director – Nakoda Limited said, “Yet again we have achieved excellent results. With the implementation of the Phase I of the expansion plan and Nakoda’s entry into newer geographies through the acquisition of polyester plant in South Korea through its subsidiary Indo Korean Petrochem Ltd., we look forward to a continuous and sustained growth in future”.
RECENT DEVELOPMENTS DURING THE QUARTER
Nakoda acquired a Polyester Plant in South Korea:
Nakoda Ltd. announced that it has signed an Asset Purchase Agreement with Kyunghan Industry Company Ltd. for acquisition of their entire manufacturing facilities located at Kyunghan in South Korea through its subsidiary Indo Korean Petrochem Ltd. The total capital investment for the Korean Venture would be USD 40 mn.
About Nakoda Limited:
Nakoda, an ISO 9001 - 2000 company, is one of the prominent players in the Polyester Filament Yarn Industry in the country. From a modest capacity of 354 MTPA in 1986, Nakoda grew to 50,000 MTPA capacity company by 2008. With the completion of its ongoing backward integration/ expansion / forward integration project with a capital outlay of Rs 333 Cr, Nakoda will achieve a capacity of 1,40,000 MTPA by August / September, 2010. Nakoda is contemplating further investments of over Rs 1,500 Cr to raise the capacity to a level of 5,00,000 MTPA in India and for future overseas acquisitions.
Nakoda ranks amongst top 500 in Indian companies according to the research carries out by Business India as well as Financial Express
