GMR Industries Limited
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BSE Code:
500162
NSE Code:
PARRYSUGAR
Business Profile
Business Profile
GMR Vasavi was originally incorporatedin 1986 as Sree Sarada Ferro Alloys Ltd. for manufacturing ferrochrome at Ravivalasa in the Srikakulam district of Andhra Pradesh. The name was changed to GMR Industries Ltd in 1994. The company entered into the area of IT, communication technology and biotechnology. The company`s name was changed to GMR Technologies & Industries Ltd, during April 2000. G. Mallikarjuna Rao and S. Suryanarayana Murthy are the promoters of the company. The company has metallurgical, sugar and power divisions. The company manufactures high-carbon ferro chrome and low-phospherous ferro chrome. These are used to manufacture stainless steel, special steels and alloy metal castings, etc. The product can be classified as an industrial product. The company`s products are exported through TISCO all over the world. It also supplies its products to Mukand Steels, Mahindra Ugine, Alloy Steel Plant, etc.
The company`s brewery project has been completed with the modern facilities available for the production of 1,20,000 HLPA of beer. Brewery division is expected to operate at a capacity of 100%. The company has entered into marketing agreement with M/s Shaw Wallace & Co. Ltd. It also has proposed to increase the capacity of the brewery division from 1,20,000 HLPA to 2,50,000 HLPA. The implementation of 16 MW co-generation of power project in the sugar division is in the final stages of completion. By commissioning there will be improvement in the profitability of the sugar division. The sugar technology mission`s expansion cum technology upgradation project is also under implementation.
Financials
The company reported a steep drop in standalone net profit for the quarter ended March 2009. During the quarter, the profit of the company declined 26.60% to Rs 105.77 million from Rs 144.10 million in the same quarter last year. Net sales for the quarter rose 10.81% to Rs 619.64 million, while total income for the quarter rose 11.15% to Rs 679.16 million, when compared with the prior year period. It reported earnings of Rs 0.13 a share during the quarter, registering 98.16% decline over prior year period.
Recent Developments
13-DEC-07
GMR raised USD 1 billion through equity sale in the group company GMR Infrastructure. The transaction, equivalent to a 9% equity dilution to institutional investors, was concluded on Dec. 12, 2007. The resources will be used for the group`s overseas acquisitions as also domestic power and SEZ projects.
02-FEB-07
The company`s bid for taking on lease the partly completed sugar factory of Sri Dhanalaxmi Sahakari Sakkare Karkhane Niyamit has been approved by the Cane Commissioner & Sugar Development, Karnataka. GMR Industries was seeking control of the Belgaum based factory on build, own, operate and transfer (BOOT) basis for a period of 25 years. The said sugar factory under BOOT scheme is a co-operative sugar factory, 80% completed, with an installed capacity of 2,500 TCD and 13 MW baggase based co-generation project. The unit is capable of expanding its capacity to 4,000 TCD. The company would complete the balance work of supply, erection and commissioning of the sugar plant of minimum 2,500 TCD within six months from the date of lease.
14-AUG-06
The company has informed that it approved the merger of Bharat Sugar Mills Ltd (BSML) with the company. BSML, currently, is a subsidiary of the company, which is implementing a project for construction of an integrated sugar complex with 3,500 tonnes crushing per day (TCD) expandable to 5,000 TCD, a cogeneration power plant with 24 MW and 45 KLD of distillery plant at a cost of Rs 2,740 million. The appointed date of merger is April 01, 2006.