Sanghi’s turnover rises by 26% in Q2FY13

Sanghi’s turnover rises by 26% in Q2FY13
Net profit jumps to Rs. 21.6 crore from Rs. 3 crore last year

February 14, 2013: Sanghi Industries Limited, one of Gujarat’s leading cement manufacturer reported 26% rise in turnover to Rs. 286.3 crore in the second quarter ended December 31, 2012. During the corresponding quarter last year, company had turnover of Rs. 227.1 crore. For the first half, company’s sales rose by 31% to Rs. 499.7crore against Rs. 382.7 crore in the previous year.

In the current quarter, company’s EBIDTA margin was 20.6% against 21.8% in the corresponding quarter of last year. The Company’s interest payment fell to Rs. 6.8 crore in the current quarter as against Rs. 22 crore in the corresponding quarter of last year, which actually resulted in higher profitability. In the first half, EBIDTA margin was 22% as against 15.7% in the previous year.

The company’s net profit grew by 615% to Rs. 21.6 crore in the second quarter as against a net profit of Rs. 3 crore in corresponding quarter of previous fiscal. For the first half, net profit stood at Rs. 39.8 crore against net loss of Rs. 34.3 crore last year.

Commenting on the financial performance of the company, Mr. Alok Sanghi, Director of Sanghi Industries Ltd. said, “The Company is focusing on reducing transportation costs and energy costs, which is not only helping in earning profit, but also improving margins. Also with debt reduction for the current fiscal on target, interest burden is being lowered, which is further helping the company in boosting profits. ”

We have planned to reduce debt by around Rs. 100 crore through internal accruals in the current fiscal ending June 30, 2013. The Company is progressing well on this target, in fact, we are hopeful of over achieving this target by the end of this fiscal, Mr. Sanghi said.

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