Technofab Engineering reports net profit of Rs 3.18 cr for Q1FY11

HIGHLIGHTS Q1 FY11:

• Turnover during the quarter is Rs.35.48 Cr.
• PAT of Q1 FY11 stood at Rs. 3.18 Cr. 
• PBT of Q1 FY11 stood at Rs.4.71 Cr. 
• Order Book stands at Rs.680 Cr. on 30 June 2010
• Order book growth of Rs.166 Cr. in Q1FY11

Technofab Engineering Limited (TEL) (BSEId:533216, NSEId :TECHNOFAB) , which is engaged in the business of providing EPC services, and executing a wide range of Balance-of-Plant (BoP) and electro-mechanical projects on a complete turnkey basis, has reported a profit after tax of Rs. 3.18 Cr. on a turnover of'Rs. 35.48 Cr. for the first quarter ended June 30, 2010.  For the same period, the company recorded a profit before tax of Rs.4.71 Cr.

Commenting on the results, Mr. Avinash Gupta, Chairman and Managing Director, Technofab Engineering Limited said, “We have continued the momentum in growth with an additional '166 Cr. worth of fresh orders in Q1, of which Rs.125 Cr. is from the Oil & Gas sector, Rs.16 Cr. from the Power sector and Rs.25 Cr. from the Water sector.  This has helped the total order book position to be at Rs.680 Cr. as on June 30, 2010.  Further, we have bid for over Rs.2100 Cr. worth of projects, out of which we are the lowest bidder in over Rs.300 Cr worth of projects.  The turnover and profit during Q1 are in line with expectations.

“We also believe that there are substantial opportunities in South Asia and Africa, where we are aiming for projects which are the subject of developmental finance particularly in the water & waste water segment.  Going forward, we foresee growth in all most of the sectors where we operate and will be in a position to capitalize on the opportunities that come our way.” added Mr. Avinash Gupta

About Technofab Engineering Limited:
Technofab Engineering Limited (the “Company”), incorporated in the year 1971, is engaged in the business of providing Engineering Procurement and Construction (EPC) services, and executing a wide range of Balance-of-Plant (BoP) and electro-mechanical projects on a complete turnkey basis. The Company is ISO 9001:2000 accredited for Engineering Procurement and Construction of Engineered Systems on Complete Turnkey basis in Core, Energy and Infrastructure Sector Projects. With an experience of 39 years the Company provides services to domestic and overseas markets across a number of industrial and infrastructure sectors which includes conventional power, nuclear power, oil & gas, water & waste water treatment, electrical distribution & rural electrification and other industrial & infrastructure sectors.