Indo Asian Fusegear FY'08 net down 22 pc at Rs 13.52 cr

New Delhi, Jun 27, 2008 (Asia Pulse Data Source via COMTEX) -- IDKPF | Quote | Chart | News | PowerRating -- Electrical equipment maker Indo Asian Fusegear today announced a net profit of Rs 13.52 crore for the financial year ended March 31, registering a 22.21 per cent decline over the previous fiscal.

The company had a net profit of Rs 17.38 crore in FY'07, Indo Asian Fusegear said in a release.

The company attributed the decline in net profit to the interest cost on the company's investment in new switch gear projects at Haridwar in Uttrakhand.

"The input cost of raw materials like plastic, metal, steel have increased substantially, which has pressurised our operating margins. The additional costs have since been factored in new pricing of products," the release added.

The company's total income for FY'08 rose 23 per cent to Rs 276.41 crore, from Rs 224.97 crore in the previous fiscal.

"We are now negotiating for some electricity circles in Haryana, Uttar Pradesh, Madhya Pradesh and Rajasthan... These initiatives will further improve the performance of the company in the coming year," Indo Asian Fusegear Chairman and Managing Director VP Mahendru said.

For the fourth quarter ended March 31, the company reported a net profit of Rs 3.21 crore, a 35 per cent decline over the last fiscal. The firm had a net profit of Rs 4.98 crore in FY'07.

The total income rose to Rs 72.85 crore in FY'08, from Rs 68.80 crore in FY'07.

Further, the company registered a 65 per cent growth in exports at Rs 60.4 crore for FY'08, from Rs 36.60 crore in the previous fiscal, with a higher focus on Middle East, Europe, Latin America and Africa.

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