MAN Industries 2nd Quarter Net Profit Jumps Eight fold

FOR IMMEDIATE RELEASE
Mumbai, Maharashtra, India, Republic of (Free-Press-Release.com) November 17, 2010 -- Mumbai, November 12, 2010: MAN Industries (India) Limited, one of the leading pipe manufacturing companies has reported the net profit at Rs.25.43 crore during the quarter ended September 30, 2010, as compared to Rs. 3.14 crore in the corresponding period a year ago showing a robust growth of 700%.

The company’s board during its meeting held today took on record the un-audited financial results for the quarter ended September 30, 2010.

The company has reported Net Sales at Rs.418.55 crore for the quarter ended September 30, 2010 in comparison to the corresponding Net Sales of Rs.310.25 crore for the quarter ended September 30, 2009, registering a rise of 34.90 %.

During the period, Gross profit has improved from Rs. 22.27 crore to Rs. 52.07 crore, showing a growth of 133.81%.

Company has order book of over Rs. 2000 crore as on date.

Commenting on the results Mr. R.C.Mansukhani Chairman of the company said “We have seen a consistency in growth in last few quarters. Our results during the second quarter of the current financial year were extremely good. Looking at the current pace of the country’s economic growth, we are very much optimistic about the sustainability of the performance in the forthcoming quarters of the current financial year”.

The earning per share of the company is Rs. 4.64 during the quarter ended September 30, 2010 as against Rs. 0.59 in the corresponding quarter of the previous year.

Highlights for the quarter ended September 30, 2010 vs September 30, 2009
(Rs. in crore)
Sr. No Particular Q 2 September 30, 2010 Q2 September 30, 2009 %
Change
1 Net Income from Sales 418.55 310.25 34.90
2 PAT 25.43 3.14 709.87
3 EPS (Rs.) 4.64 0.59 686.44

Highlights for the half year ended (H1) September 30, 2010 vs (H1) September 30, 2009
(Rs. in crore)
Sr. No Particular (H1) September 30, 2010 (H1) September 30, 2009 %
Change
1 Net Income from Sales 751.20 632.17 18.83
2 PAT 47.68 01 693.94
3 EPS (Rs.) 8.70 1.13 669.90

ABOUT MAN GROUP

MAN Industries (India) Ltd., an ISO 9001 / 14001 / 18001 accredited Company, is a leading manufacturer of SAW Pipes (Line Pipes) and Coating Systems for high-pressure Oil & Gas applications with a potential production capacity of approximately one million MT of SAW pipes per annum.

The Company is a part of the well diversified MAN Group, growing under the able leadership of Shri. R. C. Mansukhani and Mr J C Mansukhani. Starting as an Aluminium Extruder in 1988, MAN Industries has now become a large player in SAW Pipes. It is also a significant sized player in Spirally Welded Pipes and Coating Systems. MAN Industries operations are spread across globally with offices in U.K. and U.A.E. besides India.

The shares of the Company are listed with Bombay Stock Exchange and National Stock Exchange and the GDRs of the Company are listed with Dubai International Financial Exchange (DIFX).

For more details please contact:
Dattu Hegde (9820295646)
MP Joshi (98 339 55690)
Chetan Pandit ( 98 333 79935 )