BEML, a defence sector public sector undertaking (PSU), is likely to register a 10-12 per cent rise in its net profit at Rs 230-235 crore for the year ended March 31, 2008, compared with the previous financial year.
The company today announced that it had reported a provisional profit before tax at Rs 350 crore for the year, a growth of 11 per cent compared with the last financial year’s numbers. The company’s tax outgo for 2007-08 is likely to be at Rs 115-120 crore.
For the year 2007-08, BEML registered a 15.5 per cent growth in turnover at Rs 3,005 crore compared with that of the previous financial year.
The company, which is reducing its dependence on the defence sector, has Rs 3,795 crore order book for the current year.
Of this, orders from the railway business stand at Rs 1,400 crore, mining and construction businesses at Rs 1,260 crore, while Rs 765 crore has come from the defence sector.
Announcing the company’s provisional financial results for FY08, V R S Natarajan, chairman and managing director, BEML, said the company’s export sales had gone up by 132 per cent to Rs 257.72 crore compared with that of the last year.
Natarajan said, “We are primarily a defence PSU. But over the last few years, we have been diversifying into other areas such as railways, mining, construction and technology businesses.”
The networth of the company has gone up to Rs 1,795 crore from Rs 1,014 crore in 2006-07.
During the year, the mining and construction division of BEML produced 1,275 equipment against 911 last year and posted sales of Rs 1,797.35 crore, a year-on-year growth of 10 per cent.
The division might secure its single largest order from Northern Coal Fields, valued at Rs 638 crore for supply of three units of 20 cubic metres mining shovels for the first time in India along with a 17-year annual maintenance and repair contract, he said.
BEML has also finalised an MoU with Steel Authority of India (SAIL) for supply of mining and construction machines for its plants and mines for three years.
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