Linde India has reported an increase in revenue of 15% for the second quarter ended 30th June 2016, seeing revenues reach $62.6m (Rs 4.2bn) in the period.
The company attributed the growth to an increase in demand in the steel and automotive segments.
During the quarter, the business also grew by 16%, whereas the engineering business registered a modest growth of 4% compared to the same quarter last year (2015).
Operating profit was up 13% to $11.4m (Rs 770m) during the quarter, of which $9.95m (Rs 670m) came from the gases business.
Linde India operates the country’s largest air separation plant (ASU) and runs more than 20 production facilities and filling stations across India. It also supplies more than 20,000 gases and mixtures as well as providing a range of related services including the construction and installation of plants, equipment, pipelines and associated engineering services catering to the needs of a wide variety of industries.
With the commissioning of new ASUs in Kalinganagar, Odisha state, the full depreciation charge and financing cost were recorded during the quarter in question, resulting in a loss of $450,000 (Rs 30.3m) before tax and a net loss of $370,000 (Rs 25m) after a deferred tax impact. Profit is expected to improve as the new plants are fully loaded, Linde India said in a statement.