Pennar Industries Ltd
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BSE Code:
513228
NSE Code:
PENIND
Business Profile
Business Profile
Pennar Industries (PENARIND), incorporated on Aug. 08, 1975 is a multi-location, multi-product company manufacturing cold rolled steel strips and tubes, electro static precipitators, pre-engineered building systems, cold rolled formed sections, sheet metal components, and road safety systems. Earlier known as Pennar Steels, it got its present name on Oct. 31, 1998. Pennar Aluminum and Pennar Aqua Exports are other group companies.
The ISO 9001:2000 certified company produces and provides steel-based products and associated services to customers across the globe. The manufacturing units are located at Pantanchuru and Isnapur in Andhra Pradesh, Tiruvellore in Tamil Nadu and Tarapur in Maharashtra with installed capacities of 132,000 MTPA cold-rolled steel strips and 72,000 MTPA cold-rolled formed metal sections as on Mar. 31, 2007.
The company is a leader in cold rolled formed products and continues to be the largest profiler in the country. A wide range of cold formed profiles are sold to various sectors such as automobiles, pollution control, road safety, building construction, railways and electrical engineering. Services with engineered components are provided to the white goods and automobile industries. It has successfully developed products for Emerson Climate Technologies (India) - the world leader in air conditioning and refrigeration, which has recognized the company as the Supplier for the year 2006-2007. The customer list also includes Tata Motors, Ashok Leyland, Lucas TVS, Sundaram Clayton, L&T, Thermax, Indian Railways, and Mahindra & Mahindra among many others.
The registered office is located at 1-10-75/1/1-6, III Floor, Saptagiri Towers, S.P. Road, Hyderabad-500016, Andhra Pradesh.
Financials
Pennar Industries registered a 34.12% growth in net profit to Rs 101.8 million for the quarter ended March 2008 from a profit of Rs 75.9 million for the quarter ended March 2007.
Net sales rose 12.48% to Rs 1,610.4 million for the quarter ended March 2008 from Rs 1,431.7 million for the quarter ended March 2007.
Total income rose 12.53% to Rs 1,611.6 million for the quarter ended March 2008 from Rs 1,432.2 million for the quarter ended March 2007.
The earnings per share (EPS) of the company stood at Rs 3.35 for the quarter ended March 2008.
Recent Developments
28-JAN-08
On Jan. 26, 2008, the allotment committee of the board of directors approved the allotment of 8,711,200 equity shares to Eight Capital Master Fund, 8,613,200 equity shares to Spinnaker Global Opportunity Fund and 1 million equity shares to Spinnaker Global Strategic Fund.
Future Plans
The company plans to increase the proportion of its value added steel products and reduce the quantum of commodity cold rolled steel. It wants to focus on pre-engineered steel buildings, which have high potential due to large scale investments in infrastructure. PIL is planning for inorganic growth through acquisitions of companies in allied fields.