HSIL Q2 net up 52% to Rs 13.93 cr

Building products and container glass maker HSIL today reported 52 per cent increase in its net profit to Rs 13.93 crore for the quarter ended September 30, 2010, over the same period last fiscal.

The net profit for the same period last fiscal was Rs 9.15 crore, the company said in a statement.

"The second quarter has contributed healthy results for each of the business divisions and for the company as a whole. We have strengthened our operations to leverage our distribution network in the building products division," HSIL Joint Managing D Sandip Somany said.

The total income of the company for Q2 this fiscal was Rs 229.54 crore as against Rs 179.16 crore for the same period last year.

For the half year ended September 30, 2010, HSIL net profit was at Rs 27.46 crore as against Rs 11.56 crore for the same period last year. The total income was Rs 460.63 crore, as against Rs 344.70 crore.

HSIL had successfully concluded its capital raising exercise of Rs 150 crore through private placement of 1.10 crore shares at a price of Rs 136.10 per share.

The company said these funds will be deployed as part of the business expansion plan with total capital outlay of Rs 350 crore.

The company said it is planning for a capital expansion of its sanitary ware facility at Bibinagar, Andhra Pradesh with an expected increase of 7 lakh pieces per year.

"Post this expansion the Bibinagar facility will be the single largest sanitary ware production facility in the country," Somany added.

Shares of HSIL today closed at Rs 144.75 on the Bombay Stock exchange down 0.07 per cent from its previous close.