Diamond Power profit doubles

Vadodara-based power equipments maker, Diamond Power Infrastructure Limited (DPIL) has registered 110.2 per cent rise in the net profits for the third quarter ended December 2010 at Rs 29.23 crore over Rs 13.9 crore in the corresponding period last year.

In an announcement made today, the company informed that the net sales of the company stood at Rs 378.48 crore up 80.3 per cent from Rs 209.88 crore last year. For the nine-month period, company's net sales more than doubled with a rise of 101 per cent from Rs 552.39 crore in Q3 of fiscal 2010 to Rs 1,110.16 crore in Q3 this year. The net profit for the period rose by over 120 per cent to Rs 86.23 crore against Rs 39.19 crore registered in the corresponding period last year.

The company has an outstanding order book of Rs 1502 crore as on December 31, 2010, which is expected to translate into revenues within next 18 months. Major orders during the third quarter were received from Power Grid Corporation of India Ltd and SMO-SPIC, for supply of 400 KV D/C line conductors, the company informed in a statement.