New Delhi, Delhi, India
Paramount Communications Limited, which is among the largest cable manufacturing companies in the country, posted an impressive performance for the quarter ended December 2006.
The PBDIT of Paramount Communications Ltd. rose to Rs.2182 Lacs as compared to Rs.1115 Lacs in the corresponding quarter of previous year, posting an impressive growth of 96%. The Net Profit also posted a high growth of 86% touching Rs.1213 Lacs as compared to Rs.652.56 Lacs in the corresponding quarter of previous year.
Commenting on the performance, Mr. Sanjay Aggarwal, Chairman and CEO, Paramount Communications Limited, said: "The company is moving fast along the growth curve. With the successful completion of our FCCB issue for USD27 millions in November 2006, funds are already in place to execute the expansion projects which shall take our turnover to Rs 1200 crores plus by the year 2008-09."
Company has achieved a Net Sales of Rs.9660 Lacs in Q3 FY 06-07 as compared to Rs. 5368 Lacs in Q3 FY05-06 showing an impressive growth of 80%. In Q3 FY 06-07 company's performance has come out mainly from power and railways segments.
During the quarter company allotted US$ 27,000,000 Unsecured Foreign Currency Convertible Bonds (FCCB). The bonds are listed at Luxembourg Stock Exchange having a maturity period of 5years and 1 day. The company will be utilizing funds for its expansion project as already mentioned in the objects of issue to meet company's growth initiatives.
About Paramount Communications Limited
Paramount Communications Limited (hereafter referred to as Paramount) ranks amongst the largest cable manufacturers in India.
Paramount's business is organised into three Strategic Business Segments namely Telecom, Power and Railways. The company manufactures a comprehensive range of cables and wires including High Tension (HT) and Low Tension (LT) power cables, Control & Instrumentation cables, specialised cables including Aerial Bunch Cables (ABC), Signalling cables and Axle Counter cables, Jelly Filled Telephone Cables (JFTC), Optical Fibre Cables (OFC), etc serving virtually all sectors of the Indian economy. Paramount's products are exported to over 20 countries across the globe.
The company has two ISO-9001 and ISO-14001 certified manufacturing units in the states of Haryana and Rajasthan respectively with a combined capacity of 25000 km of power cables (including all electric cables -HT and LT power cables, control cables, instrumentation cables, thermocouple cables, railway signalling cables), 5.3 mn ckm of JFTC and 20000 km of OFC. Paramount is in the process of expanding its capacities to manufacture High Tension (HT) power cables.
The company's cables conform to the most demanding national and international specifications including: Bureau of Indian Standards (BIS), Indian Railway Specifications (IRS), British Standard Specifications (BSS), American Standard for Testing Methods (ASTM), Indian Telecom Department (ITD) and Telecom Engineering Centre (TEC) etc. Paramount is also licensed by the Bureau of Indian Standards (BIS) to mark its products with IS7098 - Part 1 (for XLPE Power Cables), IS14255 (for Aerial Bunch Cables), IS694 (for unarmoured PVC Cables) and IS1554 - Part 1 (for armoured PVC Cables upto 1.1 KV).
For further information on the Company, its products and services please log on to www.paramountcables.com
To view the press release along with the tables please click on the link given below:
Financial Results
Ajit Parmar, Mutual PR, +91 9873378633 ajit@mutualpr.com
Source: Paramount Communications Limited (Business Wire India)
Press release presented here is sourced from the Source mentioned above and is provided on as-is basis. Please contact the Company / Source directly for any further information in regard to this release. This website will be unable to assist you in regard to the accuracy or correctness of information in this release.
ASUS Crosshair gaming motherboard now available in India