McNally Bharat keen on increasing overseas biz
Aug 16 2013 , Kolkata
Meanwhile, in Q1, the company managed to book orders of Rs 2700 crore (including L1 position in tenders valued at Rs 2031 crore). These orders were from leading power companies in the public sector and from one of the leading global cement manufacturers.
In the first quarter of the current fiscal, the company managed to maintain its top line growth, the unfavourable scenario prevailing in Indian infrastructure sector notwithstanding. While the topline of the company moved up by 4 per cent to Rs 447 crore, the EBIDTA at Rs 43.58 crore grew by 19 per cent over last year in spite of mark to market loss of Rs 3.5 crore accounted for the foreign currency loan.
However, thanks to high finance cost of Rs 32.9 crore ( which included mark to market loss of Rs 1.5 crore on fully hedged foreign currency loan), the profit before tax (PBT) has been lower at Rs 6.26 crore in the Q1. Higher interest has resulted from increased working capital borrowing required to bridge the amount of retention money refunds due from some public sector steel plants. The company expects to collect substantial portion of these dues from Q3 onwards, which will bring the overall debt position to the level commensurate to its level of business, he said.