BOC India announced its Q3 results today. The company's year to date results with profit before taxes and extraordinary items at Rs. 4391 Lakhs for the nine months ended 31 December 2005, increased by 34.86 per cent compared to corresponding period of the previous year.
The results were driven by a strong performance of the project engineering business and better margins in the gases business. The period also witnessed a substantial lowering of the interest cost to Rs 217 Lakhs for the nine months period compared to Rs 346 Lakhs in the same period in the previous year and contributed to the growth in profit. The board has also approved a provision of Rs. 399 Lakhs for bad and doubtful debts based on an in-depth review of debtors of the company's industrial and special products business.
The company has continued with its impressive top line growth with project engineering division making good progress on the 855 tpd plant being put up for Bellary Oxygen company Pvt. Ltd. at Bellary. The 65 tpd plant in Medak in Andhra Pradesh has just commenced trial production and is expected to give a distinct cost advantage on liquid sourcing for the South India business. The ISP site rationalization plan is also progressing per schedule with the Chennai new facility already commissioned and work now starting at Trichy and Pune sites.
During the period an extraordinary profit of Rs 4746 Lakhs, from sale of the closed unit at Yeshwanthpur in Bangalore resulted in the profit before tax almost trebling to Rs 9005 Lakhs from that of the corresponding period of the previous year.
The company's net sales at Rs 36312 Lakhs for the nine months grew 34 per cent over same period last year mainly due to project engineering business and growth in ASU gas volumes and prices.