VA Tech posts over 600% jump in 1st half profit at Rs 19.9cr

Water treatment company VA Tech Wabag has reported over 600 per cent jump on its net profits for the six month period ending September 30, 2012.

The Chennai-based company reported profit after tax at Rs 19.9 crore for the six month period ending September 30, 2012 up 610.7 per cent from Rs 2.8 crore registered during the same period of last year.

For the half year period ending September 30, the total revenue of the company grew by 20.2 per cent to Rs 571.9 crore from Rs 475.7 crore registered during the same period of last year.

Stating that the company's international operations boosted the profit after tax of the company, VA Tech Wabag, Managing Director, Rajiv Mittal said, "the international business has achieved excellent revenue growth with improved margins. There has been an uptick in the performance of domestic operations".

He said the company's current order backlog of over Rs 4,000 crore was giving "good visibility" for the next 2 years.

"We are negotiating very good orders and a few of them are in advanced stage of closure", he added.

The company said the trial run of the plant for desalination project in Nemmeli near Chennai has begun and the unit is expected to be commissioned in December 2012.

On their Dambulla Municipality Project in Sri Lanka, the company said for the second quarter ending September 30, 2012, the company clocked revenues of Rs 26.6 crore.

The project completion is expected to be in the first half of 2014-15.

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