PSL Limited (PSL), a global leader in manufacturing and coating of pipes for transporting hydrocarbon products, water products, and steel structural applications, and the largest manufacturer of high-grade large diameter Helical Submerged Arc Welded (HSAW) pipes in India, announced its audited financial results for the first quarter of the year June 30th, 2012 posting a strong 27.57% growth in sales quarter on quarter for the year.
Net sales during the quarter scaled to Rs. 6.38bn as compared to Rs. 500.21 crore during the corresponding quarter last year. Profit before Interest and Tax for the quarter reached Rs. 90.98 crore at a rise of almost 40% when compared to last year’s figures. Net profit for the company during the quarter under consideration stood at Rs.148.1mn. The company’s Order Book at the end of the current quarter stands approximately Rs. 2550 crore.
Commenting on the results, Ashok Punj, MD, PSL Limited said, “The rise in sales serves as a reflection of the increasing faith of the industry towards our quality products. The value proposition offered by PSL products ensures that our order book remains healthy even in an otherwise slow economic environment. We expect significant growth in the domestic market with an increase in oil & gas pipeline-building activities, water transmission networks, and infrastructural development.”