PSL announces 50% total dividend (Rs.5 per share of Rs.10 each)

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Q4 PAT at Rs. 13.60 crore
• Q4 Net Sales up by 85% at Rs. 1216.57 crore
• Annual sales up at 58% at Rs. 3559.93 crore ; PAT at Rs.94.85crore
• PSL announces 50% total dividend (Rs.5 per share of Rs.10 each)

Editors Synopsis

• Net sales for Q4FY09 grew by 85% to Rs. 1216.57 crore
• PAT for Q4FY09 stood at Rs. 13.60 crore
• Diluted EPS for Q4FY09 stood at Rs. 3.14
• FY09 net sales rose by 58 % to Rs 3559.93 crore
• FY09 PAT up by 12% to Rs 94.85 crore
• FY09 Diluted EPS stood at Rs 21.91

Mumbai, 29 May, 2009: PSL Limited, a leading player in manufacturing and coating of pipes for transporting hydrocarbon products, water products, and steel structural applications in India, today reported net sales of Rs. 1,216.57 crore for the quarter ended March 31, 2009 compared to Rs. 655.62 crore in corresponding period of last fiscal year, registered an increase of 85 %.

Net Profit for the fourth quarter stood at Rs. 13.60 crore as compared to Rs. 18.32 crore posted in the same period of last fiscal year. Diluted Earnings per share (EPS) stood at Rs. 3.14.

The company has announced 50% dividend (including 25% interim) or Rs 5 per share of Rs 10 face value.

Consolidated net sales for the year ended March 31, 2009 grew by 58 % to Rs. 3,559.93 crore compared to Rs. 2,248.29 crore in the corresponding period of last fiscal year, while net profit for the 12 months ended March31, 2009 rose by 12 % to Rs. 94.85 crore, as against Rs. 84.49 crore posted in the same period of last fiscal year.

Diluted earnings per Share (EPS) for 12MFY09 worked out to Rs. 21.91 as compared to Rs. 20.81 for the same period of last fiscal year. The operating margin for FY09 stood at 8.7% as against 10.5% in corresponding period of last fiscal year

Commenting on the results, Mr. Ashok Punj, MD, PSL Limited “The Company has posted a robust performance due to enhanced market demand for the company’s products. We are hopeful that in view of the growing demand from oil and gas sector and Government’s emphasis on providing water for all, we will continue to chart out impressive growth in the coming quarters as well”.

About PSL Limited:
PSL Limited (PSL) is the largest manufacturer of high-grade large diameter Helical Submerged Arc Welded (HSAW) pipes in India. The company manufactures and supplies pipes certified to API (American Petroleum Institute) standards for oil & gas, as well as water transmission and structural and piling applications for both onshore and offshore sectors.

PSL with 12 pipe mills at multiple and strategically coast-based locations in Kandla, Chennai, Vishakhapatnam, Ahmedabad and Jaipur along with its foreign units at Sharjah and US, with a total capacity of over 1.475 million MT per annum, is one of the largest pipe manufacturers in India.

Other business segments that PSL caters to include pipes coating, induction pipe bending, and sacrificial anode manufacturing. PSL, an ISO-9002 certified company, has over the years successfully demonstrated its ability to simultaneously manage multiple assignments in a qualitatively and timely manner, both within and outside the country.

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