BOC India has announced its audited financial results for the year ended 31st December 2008, which demonstrate stability in an economic downturn.

BOC India Ltd, a Linde Group company, has reported a gross turnover of Rs. 571.66 crores for the year 2008.

In the preceding nine months accounting period ended 31st December 2007, the company achieved just Rs. 327.19 crores, meaning an increase of around 31% on an annualised basis.

The gases business turnover was up about 19% on an annualised basis, this growth was mainly driven by higher volumes and improved realisations on argon and argon based products, both in bulk and packaged gases, effective execution of sustained liquid oxygen demand from steel majors in the East, and volume growth in the healthcare segment.

The healthcare business registered a growth of about 12% in total revenues for the second year in succession on the back of higher volume of medical oxygen and double digit growth in nitrous oxide.

Special gases grew by about 30% and the entry in electronic gases to customers in the solar photovoltaic space also made satisfactory contribution to revenues during the year.

Welding and safety products, which were launched two years ago in view of their synergy with BOC’s gases business, have continued to grow at a fast pace during the year, clocking revenues of around Rs.6 crores.

The turnover of the Project Engineering business on an annualised basis recorded a steep growth of over 170%, which has been attributed to higher billings in turnkey projects in the refinery and steel sectors.

In 2008, the company invested around Rs. 300 crores on capital expenditure, spent on new projects likely to be commissioned in 2009 and 2010, as well as distribution, storage and other assets.

The company is also in the final stages of bidding for some large supply scheme tonnage contracts; these opportunities would involve sizable investments, and are in line with The Linde Group’s strategy of becoming a leading gases and engineering company in India.

Commenting on the financial results, Mr S K Menon, Managing Director of BOC India said, “BOC India has registered another strong performance and has recorded a net profit of Rs. 80.04 crores in the year 2008.”

He added, “The performance of the company has been satisfactory given the sudden change in the business environment in the last quarter as a result of the global economic crisis, which has significantly impacted most of the user industry segments and their operations and expansion plans.”