This Article is From Aug 08, 2016

Skipper Ltd Q1 Net Jumps 37% To Rs 13.72 Crore

Skipper Ltd Q1 Net Jumps 37% To Rs 13.72 Crore
Mumbai: Kolkata-based Skipper on Monday reported a 36.9 per cent rise in net profit at Rs 13.72 crore for the quarter ended June 30, mainly on improved sales.

The company had reported a net profit of Rs 10.02 crore in the corresponding quarter last fiscal.

Its total income for the April-June quarter also increased to Rs 282.63 crore from Rs 234.42 crore a year-ago registering a growth of 20.6 per cent.

As on March 31, the company's engineering products order book stands at Rs 2,429 crore, the company said.

"Revenue and margins of all our business divisions, including power transmission and distribution and polymer pipes are improving on the expected lines. In line with our strategy, we have registered profitable growth on the back of international expansion, judicious approach towards new orders and...," its MD Sajan Bansal said in a statement.

He said Skipper's expansion of the polymer pipes division continues with the set-up of the Hyderabad plant taking our current manufacturing capacity of the division to 41,000 MTPA. 

"We further plan to accelerate our capacities to 100,000 MTPA by 2019. Our current T&D manufacturing capacity is 200,000 MTPA. Our key priorities for the year will be expansion of our footprint across India and overseas to enhance market share," Bansal said. 

During the quarter, the company gained entry into the newer market geographies of Asia and Africa by bagging new orders in the countries of Kenya, Cameroon, Congo, Ghana and Malaysia. 

Sharan Bansal, Director, Skipper Ltd said, "Our top-line has grown by over 20 per cent in first quarter and continues to deliver healthy margins. We are confident that Skipper will continue to march on a higher growth trajectory in times to come on account of enhanced focus on infrastructure development in both domestic and international markets."

The power T&D segment of the company entered into major African and Asian markets as a result of our international business push.

"Considering the present bid position in projects, bids in pipeline and positive macro-economic developments in the Indian economy, we expect order position to improve going forward. Our current order book status gives us a good revenue visibility and confidence over the period of next 2 years," he added.

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