GEI Industrial Q2 FY11 income up 64.27% to Rs 101.73 cr

Net profit up 90.21% to Rs 7.65 cr

GEI Industrial Systems, one of the leading manufacturers of Air Cooled Heat Exchangers (ACHE) and Air Cooled Vacuum Steam Condensers(ACSC), has posted a 70.29% rise in net sales at Rs. 101 crore for Q2 FY2011 ended September 30, 2010, as compared to Rs. 59.31 crore in Q2 FY2010. EBDITA increased by 85.76% to Rs. 17.22 crore, as compared to Rs. 9.27 crore in the corresponding quarter previous year. Meanwhile, the net profit of the Company increased by 90.21% to Rs.7.65 crore for Q2 FY2011 compared to Rs. 4.02 crore in Q2 FY2010. The Earning per share (fully diluted) stood at Rs. 4.60 for the quarter ended September 30, 2010.

Six Months Performance
Operational income for the half year ended September 30, 2010 (H1 FY2011) increased by 50.55% to Rs.152.06 crore from Rs. 101 crore during H1 FY2010. During the same period, EBIDTA (excluding exceptional items) increased by 60.91% to Rs. 25.67 crore, from Rs. 15.96 crore during H1 FY2010. The Company’s net profit (excluding exceptional items) also registered a 95.35% increase to Rs. 18.91 crore in H1 FY2011 from Rs. 9.68 crore during H1 FY2010. On consolidated basis profit after tax stood at Rs. 13.85 crores for H1 FY 2011.

Commenting on the results, Mr. C E Fernandes, CMD, GEI Industrial Systems Ltd said - “Over the years, we have increased our capacities to meet the market demands, with resultant economies of scale. With its strong order book position, the Company is firmly set on the path of growth and has entered into the next league. Moreover, the Company’s expansion-cum-upgradation programme in Bhopal facility is on-course as planned.”

About GEI Industrial Systems Ltd
(BSE code: 530743 Bloomberg: GEIN@IN Reuters: GEIH.BO)
GEI Industrial Systems Ltd, an ISO 9001-2000 Company with ASME “U” & “R” Stamp is a leader in Heat Transfer Technology. GEI Industrial Systems specializes in design, engineering, manufacturing, installation and commissioning of extended surface heat transfer equipment and systems. The Company provides Air Cooled Heat Exchangers for crude oil refineries, petrochemical plants and LNG and CNG processing stations and Air Cooled Vacuum Steam Condensing package for thermal power stations. It has an unbeatable track record in the Oil, Gas and Power sectors with equipments installed in North and South America, Europe, Africa, Asia and Australia.