Praj Industries reported net profit at Rs 24.27 crore saw a marginal improvement from Rs 24.22 crore in the same quarter last financial year. On a sequential basis the company’s profit was up four times from Rs 6.47 crore.
Revenue for the quarter grew 15.2 per cent on a year-on-year basis to Rs 269.1 crore and was up 38.5 per cent on a quarter-on-quarter basis. During the quarter, Praj received fresh order amounting to Rs 203 crore.
“As guided earlier, performance has surged this quarter and the second half of fiscal 2014 is on track to be stronger than the first half. While the level of capital investment activity remains moderate we have been able to sustain order booking through our focus on value engineering and innovative solutions. We have also focused on operating excellence which can be seen by overall improvement in EBIDTA margins,” said Gajanan Nabar, CEO and MD, Praj Industries.
To commemorate the 30 years of Praj, the board has recommended an interim dividend of 30 per cent (Rs 0.60 per share) and has fixed February 14, 2014 as the record date for payment.