Bengaluru – 30 April, 2016: Linde India Limited announced its financial results for the quarter ended 31 March 2016, which were approved by the company’s Board of Directors at its meeting held here.
The net revenue for the quarter, at Rs. 4 billion, grew by 13% compared to the same quarter last year. The gases business growth of 11% during the quarter was mainly driven by start and ramp up in onsite as well as increased demand in the merchant business. The significant revenue growth of 25% in the engineering business was due to exports and execution of current projects.
The profit before taxes for the quarter under review amounted to Rs. 75 million as against a loss of Rs. 124 million in same quarter last year. The increase in profit was supported by lower finance costs.
The net profit for the quarter stood at Rs. 82 million as against Rs. 144 million for the same quarter last year, which was higher due to recognition of net deferred tax assets of Rs. 268 million, as permitted by Investment Allowance as per Section 32 AC of the Income Tax Act, 1956.
During the quarter, pursuant to a long term gas supply contract entered into with Tata Steel Ltd, Linde India commissioned two Air Separation Units at the Tata’s steel works at Kalinganagar, Odisha, adding a capacity of 2,400 tonnes per day for supply of gases to Tata Steel as well for additional liquid products for merchant markets.
About Linde India LimitedLinde India Limited has been the leader in the gases business in India since 1935, providing a one-stop solution to all businesses for gas supply and related equipment and services. The company also manufactures cryogenic and non-cryogenic vessels and also designs and commissions projects. It has excelled by 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
In the 2015 financial year, The Linde Group generated revenue of EUR 17.944 bn, making it one of the leading gases and engineering companies in the world, with approximately 65,000 employees working in more than 100 countries worldwide. The strategy of The Linde 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