Press note
21 October 2008

Mukand turnover up
The turnover for the first half of the financial year 2008 – 2009 ended 30 September 2008, was at Rs 1,294 crore as against Rs 1,040 crore for the same period in the previous year. The Profit After Tax of the company was lower at Rs. 14.07 crore for the first half of FY09 as against Rs. 27.34 crore for the same period the previous year mainly due to the unprecedented rise in input costs of the steel division and losses due to the depreciation of the Indian rupee.

The total segment result for the first half of FY 09 was at Rs. 86.15 crore as against Rs. 97.39 crore for the same period the previous year. However, the segment result of the Industrial Machinery division was higher at Rs. 39. 57 crore for the first half of FY 09 as against Rs. 30.33 crore for the same period of the previous year. The Industrial Machinery Division has currently an order book backlog worth Rs. 658 crore as on September 30, 2008, marking a growth in order bookings by 76% on a YOY basis.   The Company expects to add further to this order book before the close of this Financial Year.

The company has completed the installation of the 3rd mini blast furnace at its facility in Hospet, Karnataka and also the new wire rod mill at the Kalwe, Thane. The capital expenditure programme undertaken by the Company has taken the steel making and rolling capacities of the Company to 0.5 million tones/annum and the Company will be achieving full capacity utilization towards the end of the current Financial Year.

For further information please contact
Anna Abraham
Chief, Corporate Communications
Mukand Ltd.
MOB: 9820140332

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Press note
29 July 2008

Mukand turnover up
The turnover of the company for the quarter ended June 30, 2008 increased by 27% at Rs. 633 crore as compared to Rs. 498 crore in the corresponding period of the previous year. The margins of the steel division were under pressure during the quarter due to the sharp increase in the cost of major inputs such as metallurgical coke, ferro alloys, fuel, etc.. The selling price is periodically being revised for new orders to absorb the increase in input costs.

The net profit of the company during the first quarter stood at Rs. 11.13 crore.

The revenues from the steel division increased to Rs 550 crore during the first quarter of the financial year 2008 -09 as compared to Rs. 430 crore  during the same period previous year. The revenues from the industrial machinery division increased to Rs. 72 crore during the first quarter compared to Rs. 57 crore of the same period in the previous year.

The capex programme at the Company is nearing completion and the third mini blast furnace has been commissioned and installed at the Ginigera facility taking the company’s steel making capacity to half a million ton per annum. Installation of additional rolling and finishing capacities to meet this enhanced steel making capacity is also nearing g completion. This will also enhance the product mix currently offered by the company and enable it to cater to the global markets. 
The orders on hand with the Industrial Machinery division stood at Rs. 606 crore as at the end of the first quarter. To uncork the bottle neck which was in terms of space, the division has acquired land from MIDC at Sinnar near Nasik.

For further information please contact,
Ms Anna Abraham, Mukand Ltd.
98201403332

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May 20th, 2008

Mukand’s Industrial Machinery Division continues to grow at 17.5%

The Turnover and other income forthe year 2007-08 rose by6% at Rs.2,222 crore as against Rs.2,100 crore in the previous year. The company is in the last phase of the expansion and modernisation programme which will take the company’s annual steel making capacity in excess of half a million tonnes of speciality steel long products. This programme is being undertaken at both the company’s facilities at Dighe, Thane and Ginigera, Karnataka while maintaining the regular production schedules of the company.

The profit before tax for the year stood at Rs.90 crore as against Rs.115 crore in the previous year. This dip is mainly due to the steep increase in the costs of major steel making inputs, such as coke, iron ore, scrap, fuel oil, ferro-alloys etc. Although the company did increase selling prices of its products, the time lag in effecting this price rise has affected the margins of the company.

The company’s products are being sought by some of the best global brands resulting in a 27% increase in the export revenues at Rs.175 crore in the year under review. The company plans to continue expanding its markets.

The Company is setting-up a 15 MW captive power plant at Ginigera, Karnataka which is expected to be commissioned in the 3rd Quarter of the year in progress.

The Industrial Machinery division of the company continues its growth trend marking a 17.5% increase in its turnover in the year under review at Rs. 274 crore as against Rs. 223 crore in the previous year.

The division has orders worth Rs. 580 crore at the close of the year for the manufacture of heavy duty cranes and process plant equipment. The company is now in the midst of putting up another facility at Sinnar, Nasik which, on completion will enhance the capacity of the division taking the annual revenues to Rs.700 crore.

Mukand has proposed a modest dividend of Re. 1 per share in order to conserve resources to finance capital expenditure and reduce debt.

For further communication, please contact

Anna Abraham, Mukand Ltd.
9820140332

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Mukand bags Rs. 154 crore order in Burnpur expansion

Mukand Limited bagged a Rs. 154 crore order as part of the expansion programme of the SAIL IISCO steel plant in Burnpur. The order for the installation of a universal section mill, which is part of the 2.5 Million Tonne new stream expansion of IISCO Steel Plant, was awarded to a consortium led by SMS Meer GmbH of Germany. The Indian portion of the order bagged by the Consortium is valued at Rs. 299 crore of which Mukand’s share is at Rs. 154. crore.  

Mukand will execute its part of the order along with its group company Mukand Engineers Ltd. The scope of the work covers engineering and supply of auxiliary systems for the mill, including associated electricals, EOT cranes with rotating trolleys and also on site management of the mechanical equipment of the entire Mill including the erection and commissioning work. The Mill is scheduled to be commissioned in 24 months.

Mukand’s Industrial Machinery division continues on a growth path achieving an average top line growth of 50% over the last three years. The division is also the leader in the manufacture of heavy duty EOT cranes.

 Mukand Engineers Ltd. (MEL) is part of the Mukand group of companies and is involved in executing turnkey and other projects in a wide range of industries like Steel, Aluminum, Refineries, Petrochemicals, Power Plants, etc. The Mukand Group of companies are renowned for their design and manufacturing of heavy duty industrial machinery including execution of projects. The Group, anticipates sustained long term growth in view of a revitalized economy.

For further communication, please contact
Anna Abraham, Mukand Ltd.
9820140332

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October 29, 2007

Press Release

Mukand’s Q2 EBIDTA up by 5% from Q1

Mukand Ltd., India’s leading specialty steel manufacturer, has maintained its top line growth inspite of spiraling coke prices. The metallurgical coke prices have gone up by 30% in the last quarter and are continuing to move upward.

The turnover of the company including excise duty and other receipts for the six months ended 30 September 2007 was at Rs.1051 crore as compared to Rs. 1020 crore in the corresponding period  of the previous year.

The EBIDTA for the six month ending 30 September 2007 was marginally lower by 2%at Rs. 125 crore as against Rs. 128 crore. The EBIDTA however, has increased from the previous quarter (ending 30 June 2007) by 5%, as a result of the measures taken by the company to contain operating costs.

In order to mitigate the market volatility in the prices of metallurgical coke, the company has signed an MOU to purchase an existing metallurgical coke manufacturing facility in the State of Maharashtra which will be operational from December 2007.

The Industrial Machinery building division continues along its growth path touching a 21% increase in revenues in the six month ending 30 September 2007 as compared to the previous corresponding period. The outlook of this division continues to show a healthy trend with orders on hand at Rs 388 crore as on 30 September 2007.

In September 2007, the company also signed a joint venture agreement with the world’s largest wire manufacturer, NV Bekaert SA Belgium, to set up a stainless steel wire manufacturing unit in Lonand in district Satara, Maharashtra.

The capex programme of the company is on schedule and the first phase of modernization of the wire rod mill at Kalwe, Thane has been completed in October 2007.

For further communication, please contact
Anna Abraham, Mukand Ltd.
9820140332

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14 July 2007

Mukand’s capacity to increase by 80% by April 2008

Mukand’s Specialty Steel and Industrial Machinery divisions are to increase their production capacity by 80% by April 2008.

The turnover including excise and other receipts for the quarter ending June 30th 2007 was higher at Rs. 498 crore, as compared to Rs. 480 crore in the corresponding quarter of the previous year.  EBIDTA for Q1 of FY 08 was at Rs. 60.76  crore  as against Rs. 59.68 crore  for the corresponding period last year. The profit before exceptional items and tax is at Rs. 21.12 crore as compared to Rs.20.67 crore for Q1 of F.Y. 2006-07.

The Company’s decision to focus on exports has resulted in a YoY increase of 47% in the export revenue at Rs. 38 crore in the Quarter 1 of FY 08 as against Rs. 26 crore  in the same period in FY 07. The export target set for the year 2007-08 is Rs.205 crore (USD 51.25 million) as compared to Rs.137 crore (USD 30.72 million) in the year 2006-07. 

The Company’s CAPEX programme for increasing the steel production by 80% from 300,000 tonnes to 540,000 tonnes by FY 2008-09 is in progress and on schedule. This additional capacity will mainly cater to the growing demand of the Company’s global brands such as, SKF, Bosch, Sandvik, Toyota, Bekaert, etc. The Capex of Rs. 300 crore which will be mainly funded through internal accruals will also include a green field project at Lonand near Satara, a site of approx. 40 acres, where additional down stream facilities will be installed.  The Company has already been allotted the said land by the Maharashtra Industrial Development Corporation.

During the quarter under review, the turnover of the Industrial Machinery division rose by 17% at Rs.57.25 crore as against the same period last year.  The turnover for the division is expected to be higher by 31% at Rs.290 crore at the end of the current year.  To enhance its capacity by 40% by March 2008, the division has obtained allotment of land from MIDC admeasuring approximately 42 acres at Sinnar near Nashik.

For further information please contact
Anna Abraham at Mukand Ltd. on 9820140332

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Mukand PBT up by 31%

22 May 2007

Mukand Ltd. recorded a growth of 31% increase in the profit before  exceptional items, waivers and tax for the financial year 06 - 07 at Rs 113 crore as against Rs 86 crore in the previous year.

The company is back on the dividend list and the board has declared a dividend of 10% on equity.

The turnover of the company stood at Rs. 2078 crore for the year 06 – 07 as against Rs. 1802 crore,  a rise of 15%, over the previous year. The company attributed this growth to the enhanced product mix and shifting focus towards further downstream products that enabled the company to improve its margins.

The turnover of the steel division increased by 15%, while the industrial machinery division reported a 47% increase in turnover as against the previous year.

Mukand has planned a capital outlay aggregating Rs. 300 crore in the steel business to increase its steel making capacity by approximately 80% and enhance the manufacturing capabilities of the value added products such as heat treated wire rod coils and bars that are increasingly being sourced by leading global brands. The company will also enhance the manufacturing and assembly capability of the industrial machinery division by 100% to meet the growing demand of its products within the country and abroad. The CAPEX programme of the company is planned to be wholly financed through internal accruals.

Mukand continues to endeavour towards decreasing its debt by increasing its profit margins through cost reduction, higher yields and energy conservation. This has contributed to the improvement in the debt : equity ratio of the company from 1.80: 1 to 1.40 : 1 in the year ended March 31st 2007.

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MUKAND registers 33% growth in PAT for the nine month period ending Dec 06

31 January, 2007, Mumbai:

The PAT for the nine month period ended Dec 06 grew 33% to Rs. 71 crore as compared to Rs. 53 crore in the same period last year [excluding one-time exceptional income (net) of Rs. 68 crore ] . The Profit After Tax (PAT) for the quarter was maintained at Rs. 28 crore despite increase in the rate of minimum alternate tax by 2.81%.

The turnover for the third quarter was at Rs 532 core as compared to Rs 477 crore for the same period in the previous year, registering an increase of 12% YoY. Revenues from the Steel Division increased 17% to Rs 456 crore while the revenues from Industrial Machinery Division grew 14% to Rs 49 crore in the quarter ended Dec 06. EBIDTA for the nine month period rose by 12% at Rs. 199 crore as against Rs. 179 crore in the previous period.

The Company’s Capex programme of Rs. 290 crore will be completed by Dec 07, which will double its capacity.

The Company has received approvals from global leaders such as SKF for the supply of bearing steel for wires and bars to their manufacturing units across the world. The export of steel products grew by 45% at Rs. 32 crore as against Rs. 22 crore for the same quarter in the previous year. 

The Industrial Machinery division is poised to grow at a rate of 50% on a year to year basis.  This division has signed an exclusive licence agreement with Kobe Steel Japan for putting up plants in India for converting iron ore fines into nuggets using Kobe Steel,s patented  technology.
 

About Mukand

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MUKAND Profit before tax up by 79% to Rs 28 crore

31st October,2006

The turnover for the quarter was at Rs 534 crore as compared to Rs 434 crore in the previous year, registering an increase of 23% YoY. Profit before exceptional items and tax went up by 79% to Rs 28.53 crore from Rs 15.89 crore YoY. The Profit After Tax stood at Rs. 25.15 crore as against Rs. 15.67 crore in the same period last year, marking an increase of 60%.

The alloy steel production at Ginigera, Karnataka, registered an increase of 28% YoY while the company's rolled products went up by 30% YoY.

Revenue from the Industrial Machinery Division improved by 55% YOY at Rs 56 crore. Orders on hand as at the end of the quarter aggregated to Rs 200 crore.

Exports of the company for the quarter went up by 88% to Rs 30 crore from Rs 16 crore YoY.

The order book for the speciality steel division is full and the capital expansion programme to double the capacity is on schedule. Margins have improved due to higher proportion of value added products including higher volume of bright bars, wires and heat treated speciality steel.

During the quarter, the Company has fully paid a loan of Rs 165 crore and the total debt equity ratio has improved to 1.48 :1 as on September 30,2006.

Incorporated in the year 1937, Mukand is a multi-product, multi-division Company involved in the manufacture of speciality steels, heavy machinery and in the construction of highways. The Company is a leading supplier of alloy steel to the automobile and auto component industry and a leader in the manufacture of high grade stainless steel in India. With manufacturing facilities in both Dighe, Thane – Maharashtra and Ginigera, Karnataka, Mukand produces hundreds of grades of steel long products in the form of wire rods, bars, wires and bright bars.

For further information contact:

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Mukand Limited Q1 Profit Before Tax up by 65.4% to Rs.20.66 crore. Industrial Machinery revenues up by 139%

Mumbai, July 19, 2006

Mukand Ltd a leading speciality and alloy steel manufacturer, has registered a turnover (including excise duty) during the quarter of Rs.480 crore as against Rs.431 crore in the corresponding quarter of the previous year. EBIDTA for the quarter improved to Rs.62.41 crore as compared to Rs.54.18 crore in the corresponding quarter of the previous year. Profit Before Tax and exceptional items improved by 65.4% to Rs.20.66 crore.

The revenues of Industrial Machinery division for the quarter went up to Rs.48.74 crore which is an increase of 139% as compared to the corresponding quarter of the previous year. Orders on hand of this division at the end of the quarter aggregated Rs.250 crore.

Mukand, during the quarter, also unveiled its new brand identity – the result of a well-defined corporate brand transformation process. The corporate brand Mukand is defined by perseverance and determination. The Company's new brand identity captures this brand core. The tree created by a multi layered ‘m' represents its unending, resolute quest for higher standards.

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MUKAND LIMITED’S PROFIT BEFORE EXCEPTIONAL ITEMS AND TAX HIGHER BY 538%

Mukand Ltd. a leading Speciality and Alloy steel manufacturer has reported an increase of 538% in its profit before exceptional items and tax, of Rs. 86.03 crores for the year ended 31st March, 2006 as compared to Rs.13.48 crores in the previous year. EBIDTA improved to Rs. 249.40 crores as compared to Rs.157.39 crores in the previous year. The profit after tax excluding exceptional items is Rs. 74.79 crores compared to Rs. 13.32 crores in the previous year i.e., an increase of 476%.

The turnover for the year increased to Rs. 1,801 crores from Rs. 1,673 crores. The turnover of Industrial Machinery was higher by 58% to Rs. 146 crores as against Rs. 92 crores in the previous year. The orders on hand of Industrial Machinery at the end of the year aggregated Rs. 202 crores.

The improved performance was on account of concerted efforts to maximize production of higher value added products as well as cost cutting and improved efficiency in the operations of the Steel and Industrial Machinery Businesses.

During the quarter, Vidyavihar Containers Ltd., a wholly owned subsidiary of Mukand entered into a joint development agreement with M/s. Neelkanth Realty Corporation for its property development. The proposed land to be developed in phases is situated near Vidyavihar Railway Station(West) admeasuring about 96,000 sq.mts..

About Mukand Ltd.

Incorporated in the year 1937, Mukand is a multi-product, multi-division Company involved in the manufacture of speciality steels, heavy machinery and in the construction of highways. The company is a leading supplier of Special and alloy steel to the automobile and auto component industry and a leader in the manufacture of high grade stainless steel in India. With manufacturing facilities in both Dighe, Maharashtra and Ginigera, Karnataka, Mukand produces more than 400 grades of special and alloy steel long products in the form of wire rods, bars, wires and bright bars.

For further information contact:

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Mukand receives TPM Excellence award

Mumbai, 16 January 2005: Mukand Limited, a leading speciality steel manufacturer, has won the prestigious TPM (Total Productive Maintenance) Excellence Award of 2005 from the Japan Institute of Plant Maintainance for its steel plant. With this, Mukand’s steel plant becomes the first steel plant in India to receive the TPM Excellence Award in its entirety. Mukand’s Machine Building Division was awarded the TPM Excellence Award in the year 2003.

TPM, a Japanese initiative works on the loss prevention philosophy and aims at drastically improving the fundamental parameters of productivity, quality, cost, delivery, safety and morale of a manufacturing industry. Mukand, under the guidance of a Japanese Consultant, worked through an Eight-pillar approach and hundreds of Kaizens (creative solutions) over a period of five years before it challenged the Award.

The company has been a TQM practicing organization for the past few decades and was the first steel company in the country to be certified to the ISO 9001 standard in the year 1992.

About Mukand Ltd.

Incorporated in the year 1937, Mukand is a multi-product, multi-division Company involved in the manufacture of speciality steels, heavy machinery and in the construction of highways. The company is a leading supplier of Special and alloy steel to the automobile and auto component industry and a leader in the manufacture of high grade stainless steel in India. With manufacturing facilities in both Dighe, Maharashtra and Ginigera, Karnataka, Mukand produces more than 400 grades of special and alloy steel long products in the form of wire rods, bars, wires and bright bars.

For further information contact:

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Mukand Ltd. records Profit Before Tax of Rs.100 Crores

Mumbai, January 20, 2006

Mukand Ltd., a leading speciality and alloy steel manufacturer, has recorded a Profit Before Tax of Rs.100 crore and a Profit After Tax of Rs.89 crores for the third quarter ending 31st December, 2005. The Company achieved a turnover of Rs.471 crores for the quarter and EBIDTA of Rs.68 crores in the third quarter, a 45% increase compared to the corresponding period of previous year which was Rs.47 crores.

The profit before exceptional items was Rs.30 crores and profit after exceptional items and before tax was Rs.100 crores. The revenues of the Industrial Machinery Division went up 68% to Rs.43 crores.

During the quarter, Mukand concluded the sale of its land in Kurla admeasuring approximately 1,00,000 Sq. Metres (approx. 25 acres) at Kurla, Mumbai with a consortium of developers for Rs.221 crore. Investment of Rs. 120 crore for capacity expansion is underway at both Ginigera & Dighe plants. This investment is being fully financed through internal accruals.

About Mukand Ltd.

Incorporated in the year 1937, Mukand is a multi-product, multi-division Company involved in the manufacture of speciality steels, heavy machinery and in the construction of highways. The company is a leading supplier of Special and alloy steel to the automobile and auto component industry and a leader in the manufacture of high grade stainless steel in India. With manufacturing facilities in both Dighe, Maharashtra and Ginigera, Karnataka, Mukand produces more than 400 grades of special and alloy steel long products in the form of wire rods, bars, wires and bright bars.

For further information contact:

Mukand Ltd.
Anna Abraham
Mob: 9820140332

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Press Release October 29, 2005

MUKAND Q2 FY 06 Revenue Rs.428 crores, Operating Profit Rs.15.31 crores

Mukand Ltd., a leading speciality and alloy steel manufacturer, has recorded a turnover of Rs. 427.58 crores for the second quarter ending 30 th September, 2005 as compared to Rs. 391.64 crores in the corresponding quarter of the previous year. The company has witnessed a significant improvement in operating profit margins on account of improved product mix, higher volumes, improved productivity and other cost reduction measures. Earnings Before Interest, Depreciation, Exceptional Items, Waivers and Tax in the current quarter is Rs. 56.83 crores compared to Rs. 33.87crores in the corresponding quarter of the previous year. Operating profit before exceptional items, waivers and tax was Rs.15.31 crores as against a loss of Rs. 6.77crores in the corresponding period of the previous year.

Investment of Rs. 120 crores for capacity expansion is underway at both Ginigera & Dighe plants. This investment is being fully financed through internal accruals.

About Mukand Ltd.

Incorporated in the year 1937, Mukand is a multi-product, multi-division Company involved in the manufacture of speciality steels, heavy machinery and in the construction of highways. The company is a leading supplier of alloy steel to the automobile and auto component industry and a leader in the manufacture of high grade stainless steel in India. With manufacturing facilities in both Dighe, Maharashtra and Ginigera, Karnataka, Mukand produces hundreds of grades of steel long products in the form of wire rods, wires, bars and bright bars.

For further information contact:

Mukand Ltd.
Anna Abraham
Cell: 9820140332

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Mukand Ltd. records 100% increase in EBIDTA in the first quarter

Mukand Ltd. recorded a turnover of Rs. 431crores for the first quarter ending 30 June 2005 as against Rs 340 crores in the corresponding quarter of the previous year, an increase of 27%. EBIDTA in the April -June quarter increased to Rs. 53.38 crores as compared to Rs. 26.72 crores in the first quarter of previous year. The company's profit after tax stood at Rs. 15 crores as against a loss of Rs. 17.39 crores in the corresponding period of the previous year. The company expects a turnover of Rs. 2100 crores for the year in progress, an increase of 25% over the previous year.

The steel plant at Ginigera, Karnataka, recorded a production of 347, 823 tons against the rated capacity of 290,000 tons there by achieving a capacity utilization of 120% in the year 2004 –05. The company proposes a comparatively low capital investment in the said plant facilities to increase volumes by 30% during the year in progress. The company also plans to invest in value adding facilities at the Kalwe steel plant to improve the product mix and increase the market share.

The Machine Building division orders on hand amount to a value of Rs. 192 crores. The company expects to increase the turnover of this division by 50% to Rs. 140 crores in the year in progress.

The share price of the company has moved up from Rs. 13.85, on 22 March 2004, the date of the allotment of the rights shares at Rs. 10 each, to Rs. 84.80 on 27 July 2005 resulting in a six fold increase in market capitalization.

For further information please contact Anna Abraham on 9820140332

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Press Release June 1, 2005

Mukand Ltd. sales up by 44%

Mukand Ltd. has registered a 117 % growth in Profit before interest depreciation, exceptional items, waivers and tax (EBIDTA) at Rs 149 crores during the FY 2004 –2005 compared to Rs. 68.85 crores during the previous year 2003 –2004.

The Company registered a 44% growth in gross sales at Rs. 1672.64 crores during the FY 2004 –2005 compared to Rs. 1159.30 crores during the corresponding previous period.

Of the total segment revenue of Rs. 1672.64 crore recorded during the fiscal ended March 31, 2005 the Steel division contributed Rs. 1435.96 crore ( around 86%). The Industrial Machinery division and the Road Construction divisions contributed Rs 94.00 crores and Rs. 144.26 crores respectively.

The sales of Alloy and Special Steels in the steel division grew by 53% primarily due to the strong performance of the automobile component segment that forms 80% of the consumption of these products. The sales of stainless steel long products gained by 39% with the increasing demand in the international markets.

According to the Managing directors Mr. Rajesh shah and Mr. Niraj Bajaj, the company's strategy of focusing on the auto component segment proved beneficial as is evident in the 44% rise in the turnover in the year under review.

For any further information please contact Anna Abraham 98201 40332