Mr. Bajoria said that IFGL, which acquired Monocon Group of the UK last year, has now acquired another UK based Goricon Group at a consideration of around 1 Million sterling pound. The entire funding for this acquisition has been from internal accruals. As a result, IFGL now has manufacturing facilities in six countries, including three of the BRIC group – Brazil, India and China – and a customer base all over the world.
The products manufactured by Monocon and Goricon Groups are also for application in the iron and steel industry and there are several synergies between their operations and of IFGL. In the past 15 months, a number of steps have been taken to harness synergistic benefits and the impact of such initiative is reflected in IFGL’s turnover and profit before tax on a consolidated basis.
Consolidated total income for 9 months ended December 2006 is Rs.2370.1 Millions and profit before tax of Rs.293.5 Millions giving an earnings per share of Rs.6.15, annualized Rs.8.20, whereas the same for the entire previous year was Rs.5.37 only.
Total Income for the third quarter ended on 31st December 2006, on stand alone basis is Rs.381.4 Millions with a profit before tax of Rs. 56 Millions. Consolidated turnover for said quarter is Rs.799.6 Millions with a profit before tax of Rs.72.9 Millions. Financial results of Goricon group will be consolidated from the quarter ending on 31st March 2007.
IFGL is continuing the process of integrating and or restructuring its overseas operations and the full benefits there from is yet to be derived. IFGL is poised to see phenomenal growth both in top and bottom lines, as the buoyancy in the steel market, specially in India, is likely to continue. Significant new steel production capacities are being created or shifted to the eastern world. IFGL has accordingly positioned itself to take advantage of the development, and has drawn growth plans, which, among other things include expansion of capacities in China, integration of capacities in the UK and the US and inorganic growth through acquisition.
IFGL expects performance for current quarter to be robust with turnover on stand-alone basis to be around Rs.400 Millions and a profit before tax of 18 per cent.
Note : Released to Press at an informal get together on Monday, 29th January, 2007
Disclaimer : This Press Release include forward looking statements, which are subject to numerous risks and uncertainties, which are difficult to be predicted, beyond the control of the Company, its Board of Directors and Management. Neither the Company nor its Board of Directors undertake the obligation to update said forward looking statements, whether as a result of new information, future events or otherwise |
