Maharashtra Seamless (500265) Q4 98/99 earnings summary

Executive summary

• Gross turnover rose to Rs 18,598 lacs from Rs 15,143 lacs; PBT increased 56% to Rs 1,405 lacs and PAT after adjustment rose 29% to Rs 1,036 lacs.

• Wider seamless-pipe sizes, from 5½-inch to 7-inch O.D., gained market acceptance; directors expected the growth rate to continue.

Financial highlights

• Sales were Rs 1,855.51 million versus Rs 1,509.40 million; other income was Rs 4.28 million versus Rs 4.92 million.

• PBT was Rs 140.54 million versus Rs 89.93 million; PAT after tax and adjustment was Rs 103.63 million versus Rs 80.03 million.

• Proposed dividends were 10% on equity shares and 12% on cumulative convertible preference shares.

Outlook and guidance

• Directors expected the same growth rate to be maintained in the coming period, following market acceptance of the expanded pipe-size range.

• R&D priorities included new sizes, quality upgrades, technology improvements, energy conservation, cost reduction and ISO 9002/IS 14002.