PSL LIMITED = Q3 FY 2011 = RESULTS = FOR QTR ENDING DECEMBER 2010 =

PSL Limited

NSE Symbol   PSL

PSL LIMITED has released its stand Alone and consolidated results for quarter ending December,2010 (Q3 FY 2011).

STAND ALONE RESULTS

Net Sales is Rs.756 cr – up by 13.81% from Q2 FY 11 and up by 6.28% from Q3 FY 10.

Total Expenditure is Rs. 703 cr – up by 9.07% from Q2 FY11 and up by 6.63% from Q3 FY 10.

Profit from Operations is Rs.62 cr – up by 7.49% from Q2 FY 11 and up by 0.79% from Q3 FY 10.

Net Profit is Rs.20 cr – up by 9.14% from Q2 FY 11 and up by 0.2% from Q3 FY 10.

Basic EPS     is Rs.3.82 compared to Rs.3.82 in Q2 FY 11 and Rs.4.29 in Q3 FY 10.

STAND ALONE

RESULTS TABLE:

PSL STAND ALONE	31-Dec-10	30-Sep-10	31-Dec-09
Net Sales	75647	66467	71176
DIF%1	756	13.81	6.28
Other Oprtg Income	860	3762	910
Incr./decr. in SIT / WIP	-12064	-21015	6465
Raw Materials	68303	66769	49896
Employees Cost	1533	1913	1264
Depreciation	3027	2457	1808
Other Expenditure	9479	14310	6473
Total Expenditure	70278	64434	65906
DIF %2	703	9.07	6.63
Profit from Operations	6229	5795	6180
DIF %3	62	7.49	0.79
Interest6	3520	3313	3180
Profit  before tax	2709	2482	3000
Tax expense	668	612	963
Net Profit	2041	1870	2037
DIF %4	20	9.14	0.2
Face Value (In Rs	10	10	10
Paid Up Equity	5333	5333	5237
Basic EPS	3.82	3.82	4.29
Diluted EPS	3.78	3.77	4.24
Public holding (%)	60.75	60.75	60.75

CONSOLIDATED RESULTS

NET SALES is  Rs.774 cr – up by 4.16% from Q2 FY 11 ; down by 10.99% from Q1 FY 11; It is also less on annualized basis (q3 x 4) by 21.47% from FY 2010 and less by 13.06% from FY 2009.

TOTAL EXPENDITURE  is  Rs.722 cr – down by 0.17% from Q2 FY11 ; down by 11.67% from Q1 FY11; and on annualized basis, less by 22.41% from FY 2010 and less by 15.3% from FY 2009.

Profit from Operations is Rs.62 cr, up by 6.33% from Q2 FY 11; up by 2.13% from Q1 FY 11; but, on annualized basis, it is less by 9.37% from FY 2010 ; but up by 2.73% from FY 2009.

CONSOLIDATED NET PROFIT  is Rs.16 cr – up by 13.41% from Q2 FY11; but less by 23.44% from Q1 FY 11; and on annualized basis, it is less by 48.45% from FY 2010; and less by 33.33% from FY 2009.

Basic EPS  is Rs.2.96 for Q3 FY11 – compared to Rs.2.85 for Q2 FY 11; Rs.3.86 for Q1 FY11; Rs.25.04 for the whole of FY 2010 and Rs.22.21 for the whole of FY 2009.

CONSOLIDATED RESULTS TABLE :

PSL-CONSOLIDATED	DEC '10	SEP'10	JUNE'10	FY 2010	FY 2009
Net Sales	77374	74285	86927	394106	355993
DIF %1	774	4.16	-10.99	-21.47	-13.06
Other Oprtg Income	979	3825	833	5250	8898
Incr./Decr. in SIT / WIP	-11957	-20222	-19291	-2931	-35590
Raw Materials	65815	71129	80226	317954	292825
Employees Cost	3090	2284	4028	6914	6686
Depreciation	4204	3461	3661	8160	6877
Other Expenditure	11004	15630	13068	41909	69964
Total Expenditure	72156	72282	81692	372006	340762
DIF %2	722	-0.17	-11.67	-22.41	-15.3
Profit from Operations	6197	5828	6068	27350	24129
DIF %3	62	6.33	2.13	-9.37	2.73
Profit B I  & EI	6197	5828	6068	27350	24129
Interest	3835	3714	3449	11693	10275
Profit A I BB EI	2362	2114	2619	15657	13854
Profit before tax	2362	2114	2619	15657	13854
Tax Expense	781	720	554	3390	4369
Net Profit after tax	1581	1394	2065	12267	9485
Net Profit	1581	1394	2065	12267	9485
Consolidated Net Profit	1581	1394	2065	12267	9485
DIF %4	16	13.41	-23.44	-48.45	-33.33
Face Value (in Rs.)	10	10	10	10	10
Paid-up Equity	5333	5333	5333	5333	4258
Reserves	-	-	-	92059	64795
Basic EPS before EI.	2.96	2.85	3.86	25.04	22.21
Diluted EPS before EI	2.93	2.81	3.82	24.75	21.91
Basic EPS after EI	2.96	2.85	3.86	25.04	22.21
Diluted EPS after EI	2.93	2.81	3.82	24.75	21.91
Public holding	-	-	32478001	-	-
Public holding (%)	-	-	60.75	-	-

ANNOUNCEMENTS

TO THE EXCHANGE

15-02-2011    Psl Limited has informed the Exchange that Interim Dividend of Rs. 2/- per share declared on February 14, 2011 would be payable from March 10, 2011.     -

15-02-2011    Psl Limited has informed the Exchange that the Board of Directors of the Company at its meeting held on February 14, 2011 has considered and accorded its in-principle consent to raise long term funds for the Company up to Rs.250 Crores. The Boards of Directors has also constituted a High Powered Committee and empowered it to take all the relevant decisions regarding various modalities of raising of such funds in one or more tranches by way of issuance of such securities which are then decided by them by way of Qualified Institutional Placement (QIP).    -

15-02-2011    Psl Limited has informed the Exchange that the Board of Directors of the Company at its meeting held on February 14, 2011, inter alia, has decided to declare an Interim Dividend of Rs. 2/- per share on the fully paid up equity shares of Rs. 10/- each.

03-09-2010    News Verification : The media had reports on September 2,2010 that PSL Limited has bagged a Rs. 1133 crore pipeline order from GAIL. The Exchange, in order to verify the accuracy or otherwise of the information reported in the media and to inform the market place so that the interest of the investors is safeguarded, had written to the officials of the company. " The Company has not released any Press statement or interviewed with any Media regarding order placements. An order has been received from GAIL on 26.08.10 for supply of steel pipes conforming to API X-70 amounting to USD 1,96,28,584.84. Corresponding order received for coating and dumpsite delivering of steel pipes amounting to Rs.28,39,21,382.50."

ABOUT THE COMPANY : (What the company says)

With a production capacity in excess of the 1 million ton mark, PSL claims to be -  India’s largest producer/manufacturer of HSAW pipes - the line-pipe industry's preferred pipe. Its leadership in the pipe industry is not confined to the domestic market alone, though the market is huge and still growing - global recognition is reflected in the huge orders already in hand from the US even before the commissioning of its 300,000 MT capacity plant in Missisipi not to mention the USD 45 million order of our pipe mills in Sharjah in the UAE.

 *  *  *    E   N   D   *   *  *