PSL Q2 FY 2009-10 Revenue at Rs. 606.22 crore, posts

PAT at Rs. 21.58 crore

• Recently bags major GAIL order worth Rs 160 crores

• Impressive aggregate of GAIL order worth Rs 900 crores

PSL Limited, a leading player in manufacturing and coating of pipes for transporting hydrocarbon products, water products, and steel structural applications in India, today reported total sales of Rs. 606.22 crore for the quarter ended September 30, 2009 compared to Rs. 661.29 crore in corresponding period of last fiscal year.

The operating earnings for Q2 FY2009/10 increased by 3.4% over the corresponding period of last fiscal year (68.50 PBDIT September 2009, as against 66.25 PBDIT September 2008). The company has enhanced its operating margin to 11.3% from 10% in the corresponding quarter of last year.

Net Profit for the second quarter remained stable at Rs. 21.58 crore, as compared to Rs. 21.61crore posted in the same period of last fiscal year. Diluted Earnings per share (EPS) stood at Rs. 4.98.

Commenting on the results, Mr. Ashok Punj, MD, PSL Limited stated “During the quarter we were fairly active on the execution front. We have been successful in improving our operating performance, although our revenue performance has remained largely level. Having said that there is a huge line up of projects and PSL eagerly anticipates the release of these in the near future. With the recent receipt of the Bawana-Nangal pipeline order for an estimated Rs. 160 crore, along with other major orders secured over the past two quarters, we hope to deliver improving and sustained performance in the coming quarters.”