Sanghvi Movers net profit at Rs 23.10 crore

• Net sales for Q1FY10 stood at Rs 81.63 crore
• PAT for Q1FY10 stood at Rs 23.10 crore
• Diluted EPS for Q1FY10 works out to Rs 5.34

Sanghvi Movers Ltd. India’s leading crane hiring company, today reported a net profit of Rs 23.10 crore in the first quarter ended June 30, 2009 as against Rs 22.69 crore in the corresponding quarter ended June 30, 2008.

Net sales, for Q1FY10, stood at Rs 81.63 crore compared to Rs 77.64 crore in Q1FY09. Diluted Earnings per share (EPS) stood at Rs 5.34. Cash Profit after Tax stood at Rs 43.72 crore in Q1FY10 as against Rs 39.77 crore in Q1FY09.

The company has benefited from increasing its operations in the power segment to 43 percent. SML has a total fleet size of 323 cranes, out of which comprise 186 cranes above 100 tonnage.

Commenting on the results, Mr. Chandrakant Sanghvi, Chairman and Managing Director, Sanghvi Movers Ltd. said “During the first quarter we have focused more on the power sector as it contributes a major part to our revenues. Going forward we expect incremental growth from this sector.”

About Sanghvi Movers Ltd.:
(BSE Code: 530073) (NSE Code: SANGHVIMOV)
Sanghvi Movers Limited (SML) (BSE: 530073; NSE: SANGHVMOV), the largest crane hiring company in India and 10th largest in the world, provides medium sized heavy duty world class cranes on rental basis for various infrastructure and core projects. The company has a fleet of more than 323 hydraulic and crawler cranes with lifting capacity ranging from 20 MT to 800 MT and a strong regional network with depots across Nagpur, Chennai, Pune, Bangalore, Bharuch, Jamnagar, Gadag, Cuttack and Delhi. SML’s client list includes Reliance Industries, Reliance Energy, Enercon, BHEL, Aditya Birla Group, Vedanta Group, Tata Steel, L&T and Suzlon.