November 22, 2008

McNally Bharat 2007-08 income up by 8% YoY

McNally Bharat Engineering Company Limited has posted income of INR 550.05 crore in 2007-08 fiscal up by 8% YoY as compared with INR 509.63 crore in 2006-07 fiscal. Profit after tax was recorded at INR 22.40 crore up by 28% YoY as against INR 17.5 crore.

McNally Bharat’s order book position as on March 31st 2008 amounted to INR 2,300 crore and its board of directors has recommended 10% dividend for 2007-08 fiscal.

The company source attributed the improved performance to factors such as higher margin resulting from the rise in high value business and lower interest payout. It added that the outlook is bright as the company hopes to post an income of INR 1,000 crore in 2008-09 fiscal and maintain the operating EBIDTA at the level of 7.5%, despite the challenges in the form of higher inflation and higher input costs.

McNally Bharat will continue its strong presence in steel modernization programs of SAIL, port expansion projects of National Maritime Development Program and capacity increase in non ferrous metal sector.