Indo Asian Fusegear posts 41.8% revenue for Q2

Indo Asian Fusegear posts 41.8% revenue for Q2

New Delhi: Indo Asian Fusegear Ltd, manufacturer of electrical switchgear and energy efficient lighting equipment, announced its financial results for Q2 ended September 30, 2007.

Revenues increased by a robust 41.18% to Rs78.20 crore compared to Rs55.39 crore for the corresponding quarter in the previous year.

EBITDA grew by 22.64% at Rs8.76 crore compared to Rs7.14 crores in Q2, FY07. Net income stood at Rs3.83 crore, or Rs2.61 per share, compared with net income of Rs4.34 crores, or Rs2.98 per share.

Growth of exports contributed with Rs22.77 crore as compared to Rs7.44 crore in the corresponding period of 2007.

For the first half ended September 30, 2007, revenues recorded at Rs134.24 crore, an increase of 33.90% as compared to Rs100.25 crore in the corresponding previous period.

EBITDA for H1FY08 improved to Rs16.84 crore, an increase of 32.39% compared to Rs12.72 crore in 2007. Net profit for H1FY08 is Rs7.48 crore and Basic Earnings per Share (EPS) (not annualized) for H1FY2008 Rs5.10.

Revenues from the switchgear business in H1FY08 were Rs118.01 crore compared to Rs83.78 crore for H1FY07.

Lighting business recorded revenues of Rs16.23 crore in H1FY08, as against Rs16.47 crore in the corresponding H1 of the previous year.

V.P. Mahendru, CMD, Indo Asian Fusegear imited said, “with government emphasis on improving power scenario, there are compelling opportunities to accelerate the business".

Meanwhile, the company has made forays into the power distribution business and has promoted a new company called “Indo Asian Power Distribution and Infrastructure Ltd". An MoU has been signed with Jaipur Vidhyut Vitran Nigam Ltd.(JVVNL) to promote use of CFL.