Stock Picking - Art Or Science

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Friday, October 27, 2006

PSL LTD. - Pipping Dreams

PSL - Net Profit Surges 70 %

PSL, a key enabler of Infrastructure and construction projects, engaged in various types of pipe coating and pipe manufacturing today announced their second unaudited quarter results with an incredible growth of 69.85 % in the net profit, from Rs. 7.96 crore in the half year last fiscal to Rs. 13.52 crore in the second quarter of the current fiscal. Total income for the same period showed a sustainable growth of 35.91% from Rs. 231.93 crore to Rs. 315.22 crore. Correspondingly, the PBT for the second quarter of 2006-07 saw an increase of 39%, from Rs. 11.74 crore to Rs. 20.50 crore.

There has also been a tremendous increase of 53.65% in the EPS from Rs. 2.74 to Rs. 4.21. The increase in the profit is a direct consequence of PSL's major ongoing expansion program. The company has recently set up a unit for JSC Nefte - Gastruba, an Arcelor Mittal affiliate at Kazakhstan.

Mr. Ashok Punj, Managing Director, PSL Ltd. says, "We have been growing steadily in Q2 & H1 FY2007 and the results speaks for itself. We are hopeful to complete and book most of our major projects in FY2007 ahead of schedules. This should translate into healthy performance in H2 FY2007. We are also expanding our target market from the Middle East countries to the West. This year is very crucial for us as we are executing projects in the domestic as well as the international market".

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