Man Industries June-qtr net grows over 4-fold to Rs 17 cr

Pipe manufacturer Man Industries (India) Ltd on Wednesday posted an over four-fold jump in consolidated net profit to Rs 17.11 crore for the June quarter, helped by increased income. The company had posted a net profit of Rs 3.63 crore during the same period a year ago, it said in a BSE filing.

Pipe manufacturer Man Industries (India) Ltd on Wednesday posted an over four-fold jump in consolidated net profit to Rs 17.11 crore for the June quarter, helped by increased income.

The company had posted a net profit of Rs 3.63 crore during the same period a year ago, it said in a BSE filing. Total income increased to Rs 410.10 crore during the quarter under review, from from Rs 244.87 crore earlier. Total expenses also rose to Rs 386.23 crore from Rs 240.64 crore in April-June period of the preceding fiscal.

In a separate statement, the company's Chairman R C Mansukhani said, "All our plant operations have resumed successfully and we are back on track in terms of order execution." "We are seeing good traction from domestic as well as international markets on the back of revival of demand from key geographies and domestic sector already doing well with ample opportunities from several upcoming oil and gas and water projects like Nal se Jal and river linking," he added. Man Industries (India) Ltd -- a member of the Man Group of India -- is a manufacturer and exporter of large diameter carbon steel line pipes for various high pressure transmission applications for gas, crude oil, petrochemical products and potable water.