Mold-Tek PAT up 525%

Mold-Tek Technologies Limited reported 525 per cent rise in net profit at Rs 1.25 crore for the quarter ended March 31, 2006, as against Rs 20 lakh in the corresponding quarter last year.

Its turnover registered an increase of 54.8 per cent for the quarter at Rs 17.31 crore as against Rs 11.18 crore in the same period last year.

For the year 2005-06, the company's net profit was up by 398.6 per cent at Rs 3.54 crore compared with Rs 71 lakh in the previous year. The company achieved a turnover of Rs 70.87 crore during FY06, registering a growth of 25.12 per cent compared with Rs 56.64 crore in FY05.

The basic and diluted earnings per share of Rs 10 each for the year stood at Rs 4.05 as against Re 0.92 in the previous year. The company's board has recommended a dividend of 10 per cent.

Mold-Tek had recently raised Rs 8.12 crore from a preferential issue to promoters and strategic investors. These funds would be utilised for building its knowledge process outsourcing (KPO) campus in Hyderabad. The Rs 10-crore campus would be ready by June 2007, company's managing director J Laxman told mediapersons.

Releasing the audited financial results here on Wednesday, Laxman said the company had secured Rs 6.5 crore loans from banks for the execution of the second phase of its manufacturing plant at Daman and also modernisation of its Hyderabad unit.

The company was also planning to set up a plastic products manufacturing plant in Chennai at a cost of about Rs 9 crore.

He said the company's KPO division achieved 300 per cent growth last year. The division currently has $3 million orders on hand and the KPO operations were expected to contribute significantly to the overall operations and profits of the company in the current fiscal.