Om Metals Infraprojects Q1FY11 net sales jumps by 55%, at Rs 57.02 cr

Om Metals Infraprojects Ltd., a front-runner hydro-mechanical engineering and construction company, today announced its financial results for the First quarter ended June 30th, 2010.

The income from operations for the quarter Q1FY11 rose by 55.04% at Rs 57.02 crore as against Rs 36.78 crore during the same period previous year Q1FY10. Net profit for the Q1FY11 quarter is up by 46.24% to Rs 9.10 crore, as compared to Rs 6.22 crore in the corresponding period of last Fiscal (Q1FY10). EBITDA for Q1FY11 is at Rs 12.74 crore as against Rs 7.75 crore in the corresponding last quarter, a jump of 64.46%. The earning per share for the quarter stood at Rs 0.94 as on March 2010 compared to Rs 0.65 in the corresponding quarter last year.

Management Comments
Mr. Vikas Kothari, Director – Business Development, Om Metal Infraprojects Ltd, said “The positive trends in the infrastructure sector due to government initiatives and our continuing strategy of bidding for larger infrastructure projects has resulted in a healthy growth in our earnings.” he further added.

Major Developments:
During the quarter, Om Metals has bagged a DBFOT road project in JV of Rs 300 crore from the Rajasthan State Road Development & Construction Limited, A Government of Rajasthan undertaking. The order entails the development of a two-lane road from Jaipur (NH-12) to Bhilwara (NH-79) via Malpura, Kekri, Shahpura (SH-12).

The company is also developing a real estate project on a 26000 sq mtrs plot land at Bandra Reclamation in Mumbai’s western suburb bought from Maharashtra State Housing and Area Development Authority which will add Rs 300 crore in the company’s bottomline over the next few years.

Om Metals won a Rs. 457.2 crore order from the State of Rajasthan. The company is executing the hydro-mechanical part of the project worth Rs 206 crores and SPV is executing the civil part of the contract worth Rs. 251 crore. The order entitles them to execute the manufacturing and construction of hydro-mechanical works for the Kalisindh Gravity Dam in Jhalawar District, Rajasthan. The scope of activity will include and involve engineering, procurement, manufacturing and site installation and construction works including supply, installation, testing and commissioning of hydro-mechanical components.

About Om Metals Infraprojects Ltd.
Om Metals Infraprojects Ltd. (OCI) (BSE Code: 531092) is an ISO 9001 certified company, set up in 1971, has flourished into a front-runner hydro-mechanical engineering and construction company in the country with many achievements to its credit. It has leveraged its capabilities and skills in the development and construction sectors, where, heavy engineering, steel fabrication and turnkey projects form a significant component for hydro-electric power, irrigation and river linking projects coming up in the country and abroad. The company is also engaged in the real estate projects like developing residential, commercial, entertainment, leisure and hotel formats in the country. In 2009, the company forayed into the development of SEZ, port and road projects.
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