SOLAR INDUSTRIES INDIA LTD
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BSE Code:
532725
NSE Code:
SOLARINDS
Business Profile
Business Profile
Solar Explosives (SOLAREX) is a comprehensive explosives and explosive initiating devices manufacturing company. It was incorporated on Feb. 24, 1995.
The ISO 9001 certified company and its subsidiaries offer a range of products including slurry and emulsion base explosives, bulk explosives, detonators, detonating fuse, pentaerythritol tetranitrate (PETN), cast boosters, and accessories for the products. The manufacturing units are located in Nagpur with a licensed capacity of 195,000 tons of explosives, which includes 140 million detonators, 20 million meters of detonating cord, 250 tons of PETN and 60 tons of cast boosters. The company has raised funds through an initial public offering in 2006 for expanding its bulk explosives facility.
The subsidiaries of the company include Economic Explosives, Solar Capitals, Solar Components, Industries, Solar Mines & Minerals, Solar Mining Resources and Solar Nigachem Nigeria. Solar Industries has been amalgamated with the company in August 2007. The company is one of the largest suppliers of packaged explosives to Coal India, which consumes over 70% of the country`s demand. In August 2007, the company received an order valued at Rs 1116.34 million for the supply of bulk explosives through its subsidiary Solar Capitals.
Besides Coal India, other customers include major public sector and private sector companies involved in national hydro-electric projects and companies in the infrastructure and construction sector like Steel Authority of India, Singareni Collieries Company, Hindustan Zinc, Cement Industry, Border Roads Organization, among others. The registered and corporate office of the company is located at 11, Zade Layout, Bharat Nagar, Nagpur-440033.
Financials
Solar Explosives registered a 198.98% growth in net profits to Rs 41.02 million for the quarter ended in September 2007 from a profit of Rs 13.72 million for the quarter ended in September 2006.
Net sales rose 62.01% to Rs 344.57 million for the quarter ended September 2007 from Rs 212.69 million for the quarter ended September 2006.
Total income rose 56.64% to Rs 375.9 million for the quarter ended September 2007 from Rs 239.98 million for the quarter ended September 2006.
The diluted earnings per share of the company stood at Rs 2.37 for the quarter ended September 2007.
Recent Developments
12-NOV-07
Solar Explosives announced that the company acquired 74% stake in an unlisted company, named, Navbharat Coalfields to further business interest of the company in accordance with all the provisions of the memorandum and articles of association of the company.
05-NOV-07
The company acquired a majority stake in an unlisted company to further business interest. This acquisition is subject to all regulatory approvals and compliance.
14-AUG-07
The company has received the letter of intent from Coal India for Rs 1116.34 million towards supply of bulk explosives through the company`s fully-owned subsidiary Solar Capitals, to be executed within the next l2 months. The company is also expecting to receive a letter of intent from Coal India for supply of permitted explosives to be executed with in next 12 months from the date of its issue.