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Deepak Khaitan-controlled McNally Bharat Engineering on a standalone basis reported a profit after tax (PAT) of Rs 38.83 crore for 2009-10, a 14% rise from Rs 34.12 crore of 2008-09. Total income for the fiscal stood at Rs 1,448.31 crore, up 50% compared with Rs 967.98 crore in 2008-2009.For the quarter to March 31, 2010, the company reported a PAT of Rs 22.44 crore on a net income of Rs 562.41 crore, against a PAT of Rs 25.38 crore on a net income of Rs 473.96 crore in the corresponding period last fiscal.Managing director Srinivash Singh said project business is subject to quarter to quarter variations and one quarter's performance in isolation does not necessarily indicate the full year's performance.McNally Bharat group, which has McNally Sayaji Engineering Ltd, MBE- Holdings Pte Ltd, Singapore and EWB Kornyezetvedelmi kft, Hungary as McNally Bharat Engineering's subsidiaries, has reported an EBIDTA of Rs 177 crore on a turnover of Rs 2,062 crore.The company has not come out with a consolidated result as its foreign operations have different year endings. McNally Sayaji Engineering Ltd, which has facilities at Kumardhubi, Asansol, Bangalore and Baroda, has reported a PAT of Rs 28.82 crore on a total income of Rs 308.95 crore for 2009-2010 against a PAT of Rs 20.90 crore on a total income of Rs 208.73 in 2008-2009.Singh said the group envisages a turnover of Rs 3500 crore in 2010-2011 and has set a vision 2015 in place, targeting a topline of Rs 7,000 crore. "This has in fact been our revised target, further increased by Rs 2000 crore," he said.According to Anjan Deb, vice-president, business development and corporate strategy, the targets are set on the strength of a Rs 4,550 crore order book as of May 14 and further bids totaling Rs 2,200 crore, at various stages of decision.Singh said the company is foraying into new business areas of EPC (equipment procurement contract) solution for the oil and gas, nuclear power and cement industries, while also exploring foreign markets for EPC jobs.While the Indian cement industry, which currently has a capacity of 200 million tonne per annum, is poised to go up to 300 mtpa in two-three years, the country's nuclear power programme has lined up projects for 3400 mw of generation in another 3-4 years.McNally Bharat is aiming to provide non-critical EPC solutions to the country's nuclear power programme and supply equipment in the upcoming cement-manufacturing units. For entering into the EPC segment of oil and gas industry, the company is scouting for technology partners and is even open to acquisition costing around Rs 100 crore. For this it has engaged KPMG as a consultant, Singh said.For providing EPC solutions in foreign countries, the company is looking at business opportunities in Mongolia, Indonesia and Africa. McNally Bharat bagged its first overseas order in Zambia of Rs 114 crore in May this year.
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