PSL Ltd. - Softening Steel Prices To Benefit

PSL Ltd net profits up by 54.5% to Rs 20.80cr in Q3

PSL Ltd, a key enabler for infrastructure and construction projects, engaged in various types of pipe coating and pipe manufacturing today announced its results for the current fiscal, period ended December 30, 2006. The company has posted a net profit of Rs. 20. 80 crores for the third quarter, up from Rs. 13.46 crores in the same quarter of the last fiscal year, thus registering a robust growth of 54.5% in the net profit. The net sales are up by 22% at Rs. 498.84 crores as against Rs. 408.11 in the same quarter of the last financial year.

The Profit before tax rose to 22%, at Rs. 28.85 crores for the quarter under review, as compared to Rs. 15.98 crores in the corresponding quarter of the last financial year. The EPS of this quarter has increased by 11%, from Rs. 4.35 in the same quarter of the last year to Rs. 6.48. PSL’s total income for the quarter ended December 2006 is up from Rs. 364.39 in Q3 of 2005 to Rs. 450.92 crores.

Mr. Ashok Punj, Managing Director, PSL Ltd. says, “We have performed extremely well over the last nine months and are proud to announce a robust order book position that also includes recent contracts received from Bharat Oman Refineries for its Vadinar-Bina Pipeline Project and an overseas order from the Ministry of Housing Electricity & Water (MHEW) in Oman amongst many more. We are hopeful that the upcoming financial year will see a boom in the pipeline sector as the Ministry is likely to include pipelines in the infrastructure sector in the forthcoming budget”.

He further adds, “It gives us great pride to announce our successful completion of the GAIL orders of pipe for the Dahej-Uran and Dabhol-Panvel pipeline project. Our overseas mill in Sharjah, U.A.E is progressing as per schedule and will provide us with a significant footprint in the Middle East and North East African regions.”