Business Daily from THE HINDU group of publications
Tuesday, Apr 28, 2009
ePaper | Mobile/PDA Version | Audio | Blogs
Business Daily from THE HINDU group of publications Tuesday, Apr 28, 2009 ePaper | Mobile/PDA Version | Audio | Blogs |
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Corporate Results
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Steel Markets - Buyback Our Bureau Hyderabad, April 27 Pennar Industries Ltd., has posted a net profit of Rs 14.97 crore and gross sales of Rs 167.50 crore for the fourth quarter ended March 31, 2009 and barely managed to retain its profit, while its revenues were lower in comparison to the corresponding quarter last year. “Last year same period, the company had recorded Rs 183.99 crore in revenues and net profit of Rs 14.5 crore, when the prices of steel and other by-products were at their peak and the excise duty was high at 14 per cent. Therefore, the overall revenues are lower compared to corresponding quarter,” Mr Nrupender Rao, Chairman of Pennar Group of Companies, said. Buyback decisionAddressing a press conference here after the company board meeting, Mr Rao said that the board has decided to go in for a buyback of the company shares through the stock exchange route, at a price not exceeding Rs 40 a share. The promoter group holds about 36 per cent equity in the company. The buyback amount will not exceed Rs 12.50 crore, which represents 9.74 per cent of the total paid up equity shares and free reserves of the company. The buyback from stock exchanges will help small shareholders who have not yet opted for demat accounts. For the financial year ended Mach 31, 2009, the company closed with revenues of Rs 730.76 crore and net profit of Rs 52.94 crore as against total revenues of Rs 641.20 crore and profit of Rs 39.97 crore for previous fiscal. “The move to go in for buyback is well thought out. The company is heading to a debt-free status and the business prospects look good in spite of tough economic scenario. “This buyback of shares will reinforce confidence in the company,” Mr Ravi Rajagopal, Chief Financial Officer of Pennar, said. Focus on value additionThe company has restructured its product portfolio and is now concentrating on value addition. The focus therefore, is on engineered products for automotives, railways, road construction and other areas, Mr Rao said. More Stories on : Steel | Buyback
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