Quarterly Revenue up 31% and Six-Month Revenues up 44%,
Q2 PAT up by 13% and Six month PAT up by 31%
Despite Deteriorating Indian Macro-Economic Indicators

PSL Limited (PSL), a global leader in manufacturing and coating of pipes for transporting hydrocarbon products, water products, and steel structural applications, and the largest manufacturer of high-grade large diameter Helical Submerged Arc Welded (HSAW) pipes in India, announced its audited financial results for the second quarter and half year ending September 30th, 2008.

Q2 FY2008-2009 Financial Performance

Total sales of Rs. 661.29 cr. for the second quarter of the current financial year have increased by 31 percent relative to sales of Rs. 503.17 cr. for the second quarter of the previous financial year. The company’s Profit Before Interest, Depreciation, and Taxation (PBDIT) has increased by 17 percent, from Rs. 56.65 cr. last financial year to Rs. 66.25 cr. in the current period. Profit Before Tax (PBT) of Rs. 32.21 cr. was higher by 17 percent compared to Rs. 27.49 cr. last year. The Net Profit (PAT) for the quarter was up by 13 percent, from Rs. 19.13 cr. in Q2 of the previous year to Rs. 21.61 cr. in Q2 of the current financial year.

Half-Year FY2008-2009 Financial Performance

Half yearly sales of Rs. 1320.15 cr. in the current financial year were up by 44 percent, in comparison to Rs. 917.73 cr. of the previous financial year. The firm’s half-yearly Profit Before Interest, Depreciation, and Taxation was also up, by approximately 30 percent, from Rs. 101.71 cr. last period to Rs. 132.26 cr. in the current period. Profit Before Tax for the company of Rs. 71.05 cr. for six months was noticeably higher by 42 percent compared to Rs. 50.12 cr. last year. The Profit After Tax for the current six-month period was significantly higher by 31 percent, from Rs. 36.26 cr. in the previous year to Rs. 47.65 cr. in the current financial year.

Consolidated Order Book of over 6,000 cr.

The results garnered by PSL have been achieved in spite of the current turmoil engulfing the Indian economy. It has recently received over the past year a Rs. 1,900 cr. GAIL order and a Rs. 900 cr. HPCL-Mittal order. The firm envisions steady growth in the foreseeable future, as much of the Rs. 6,000 cr. order-book the company has in-hand is scheduled for completion over the course of the next few quarters. In addition, PSL recently commissioned the first new generation two-step pipe mill within continental North America to serve the US market. In comparison to other industries within the economy, there is a certain steadiness in demand that characterizes project-related companies, and it is this robust outlook that differentiates PSL Ltd. from others within the market.