New Delhi, India – 29 July 2013: Linde India Limited, a member of The Linde Group, announced its unaudited financial results for the quarter ended 30 June 2013, which were approved by the Company’s Board of Directors at its meeting held earlier today.
For Q2 2013 the Company reported a gross turnover of Rs 3,496 million, a decrease of 4 percent as against Rs 3,627 million recorded in the same quarter last year. The gases business recorded a growth of 20 percent, however the turnover of the engineering business net of inter-segment revenue was lower by 49 percent compared to same quarter last year. In the quarter, the company’s overall EBITDA grew by 6 percent to Rs 587 million, while EBITDA for the gases business rose by 20 percent.
Profit before interest and exceptional items fell by 22 percent from Rs 336 million in Q2 2012 to Rs 263 million in the current quarter. The reduction was mainly due to the increase in depreciation for newly capitalised assets. Net profit for the quarter stood at Rs 59 million as against Rs 203 million in Q2 2013, due to higher depreciation and additional finance cost for newly capitalised assets and working capital.
Linde India also announced that as part of its planned leadership succession, Mr Moloy Banerjee has been appointed as the Managing Director of the company and a member of its Board of Directors effective 30 July 2013. Mr Banerjee succeeds Mr Srikumar Menon, who stepped down as Managing Director and from the Board of Directors at the close of business on 29 July 2013. Mr Menon will continue as The Linde Group's Managing Director for South Asia, responsible for its businesses in India, Bangladesh and Sri Lanka.
Chairman of the Board of Directors of Linde India, Mr Sanjiv Lamba, said, “The Board is delighted to have selected Moloy Banerjee to the post, recognising Moloy’s extensive knowledge and experience in the business built over a very successful 28-year career in India and abroad. Mr Menon has over the last few years successfully put Linde India on its growth path, and we are confident that Moloy will be able to build on Linde India’s strengths and further advance the company's strategy and leadership position in the country.”
Mr Banerjee said, “I am honoured to be appointed to succeed Mr Menon as Managing Director of Linde India, and am excited about the many current opportunities and future prospects of our business. I look forward to working with the management and staff of the company to deliver on these opportunities even as we continue in our mission of safely providing leading, innovative and quality solutions for the gases and engineering industry in India.”
About Linde India Limited: Linde India Limited, formerly known as BOC India Limited, is the leader in gases business in India since 1935, providing a one-stop solution to all businesses for gas supply and related equipment and services. We manufacture cryogenic and non-cryogenic vessels and also design and commission projects. The company has excelled through successfully blending local innovation and adaptation with international expertise from The Linde Group. Be it for food processing, medical, domestic or industrial use, Linde India provides tailor-made solutions for its customers, conforming to the strictest international standards of production and safety. For more information, see Linde India online at www.linde.in
About The Linde Group: The Linde Group is a world-leading gases and engineering company with around 62,000 employees in more than 100 countries worldwide. In the 2012 financial year, Linde generated revenue of EUR 15.28 bn. The strategy of the Group is geared towards long-term profitable growth and focuses on the expansion of its international business with forward-looking products and services. Linde acts responsibly towards its shareholders, business partners, employees, society and the environment – in every one of its business areas, regions and locations across the globe. The company is committed to technologies and products that unite the goals of customer value and sustainable development. For more information, see The Linde Group online at www.linde.com