Adhunik Metaliks Ltd
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BSE Code:
532727
NSE Code:
ADHUNIK
Business Profile
Business Profile
Adhunik Metaliks Ltd (Adhunik), formerly known as Neepaz Metaliks, was incorporated in 2001 and is headquartered at Kolkata. Adhunik, the flagship company of Adhunik Group, is a steel product manufacturer. The company`s product offering comprises of auto steel, bearing steel, spring steel, carbon steel, cold heading steels, shape steels, free cutting steels and stainless steel. Adhunik has a integrated steel plant at Rourkela in Orissa. As of March 2006, its installed capacity of alloy steel billets was 250,000 tpa. It has 17 marketing offices across India. The company is a supplier to industries such as automobile, construction and engineering. The company entered the capital markets in March, 2007 with an IPO.
Financials
The company`s revenues for the 3-months period ended September 30, 2006 was Rs 1763.85 million and its net profit was Rs 202.08 million.
The company reported a net profit of Rs 330 million and revenues of Rs 4230 million for the year ended March 30, 2006.
Recent Developments
Adhunik Metaliks was alloted an iron ore mine at Kulum in Keonjhar district of Orissa. The iron ore will help the company reduce its raw material costs from Rs 1,800 per tonne to Rs 800 per tonne.
Adhunik Metaliks acquired Unistar Galvanising and Fabrication Ltd, a Kolkata-based transmission tower manufacturing company, for a consideration of Rs 45 million. Unistar would become a wholly subsidiary of the company.
Future Plans
Adhunik Metaliks is planning to foray into the forgings business through an overseas acquisition. The company is eyeing a forgings facility at an acquisition cost of Rs 300 -700 million. The company will bring the machinery of the acquired company to India and will set up its own facility here. In India, its forgings facility is likely to be set up at Kharagpur, Chennai, Pune or Jamshedpur.
The Orissa Government has offered iron ore mining rights to the company at Keonjhar district. The company is likely to invest Rs 100-120 million in the project after preparing a mining plan.