BOC India Net Profit in Q4 more than doubles
Board recommends 15 percent dividend,Mr. Sanjiv Lamba takes over as chairman
For Q4 of 2011 the Company reported a gross turnover of Rs 3,613 million as compared to Rs 2,601 million achieved in the corresponding quarter of 2010. The Gases business recorded a sales growth of 34 percent over the corresponding period last year. The turnover of the Project Engineering Division during the quarter grew by 55 percent compared to the previous year quarter
due to increased third party sales.
The Company recorded profit before interest and exceptional items of Rs 728 million for the quarter ended 31 December 2011 and net profit during the quarter more than doubled to Rs 506 million as against Rs 193 million in the corresponding quarter of 2010. Mr. S. M. Datta, who has been chairman of BOC India since 2007 is retiring and Mr. Sanjiv Lamba, Member of the Executive Board, Linde, AG will be taking over. Commenting on the transition Mr. Lamba said, “It is a great privilege to be handed the baton from Mr. Datta and I look forward to working with my colleagues on the BOC India Board to ensure the highest standards of corporate governance.” Mr. Lamba has been with The Linde Group since 1989 when he joined BOC India and was RBU Head South and East Asia before joining the Linde AG Board last year. The Board of Directors recommended an equity dividend of 15 percent (Rs 1.50 per equity share of Rs 10 each) for the year 2011,
which together with the dividend tax would add up to Rs 149 million.
Commenting on the financial performance, Mr. S K Menon, Managing Director, BOC India said, “BOC India continues to maintain its profitability in the challenging economic environment
through a combination of strong internal controls and building on the excellent partnerships we enjoy with our clients.”
About BOC India Limited:
BOC India Limited (BOCI), a member of The Linde Group, is the leader in gases business in India since 1935. BOCI provides 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. BOCI 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, BOCI provides tailor-made solutions for customers, conforming to the strictest international standards of production and safety in the process.
For more information, please see BOC India Limited online at http://www.boc-india.com
About The Linde Group:
The Linde Group is a world-leading gases and engineering company with around 50,000 employees in more than 100 countries worldwide. In the 2010 financial year, it achieved sales of EUR 12.868 bn (USD 17.9 bn). The strategy of The Linde Group is geared towards sustainable earnings-based 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. Linde 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 http://www.linde.com.