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Ingersoll-Rand (India) Announces Q1 Financial Results
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Friday, July 20, 2012:
Ingersoll-Rand (India) Limited announced its first-quarter financial results for 2012 on Wednesday, July 18. The company’s net profit for June 2012 quarter rose to Rs. 227 Million against Rs.180 Million a year ago. Net Income from operations were at
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Rs. 1423 Million as compared to Rs.1284 Million in the same quarter last fiscal.
Faced with the sluggish growth of the Indian economy, especially industries such as automotive, metals, pharmaceutical, textile, among others, where the company’s products are primarily sold, Ingersoll-Rand (India) focused on value added services to fuel growth, improve performance for its customers, creating a highly engaged workplace and delivering shareholder value.
Talking about the first quarter results, Venkatesh Valluri, Chairman of Ingersoll-Rand (India) Limited said, “Even though there has been slowdown in the industries where we operate, we are well-positioned to address these challenges and achieve profitable growth through our focus on customers, value addition through innovation, maintenance of healthy productivity pipeline through Product and Component-level Localization and Value-Engineering initiatives. Our new products and solutions, innovative approach to the market have ensured that we continue to lead by serving our customers with sustainable and environmentally responsible solutions. Additionally, the focus on operational excellence that has been deployed across all functions at Ingersoll Rand will ascertain that we are competitively positioned. However, we are tempering our assessment with respect to growth for the future quarters as we see a rapid decline in investments in the creation of Infrastructure in the country.”
90th Annual General Meeting:
The company also held its 90th Annual General Meeting today in Bangalore and shared its financial performance for the year 2011-2012.
Commenting on the three year progress beginning 2009, Mr. Valluri, Chairman, Ingersoll-Rand (India) Limited said, “The company recorded an average compounded annual growth rate of 15% during this period and achieved revenues of Rs. 5604 Million during the financial year ending March 31st 2012. The profits rose from Rs 672 Million to Rs. 828 Million in the same period. Of particular note was the change in the market capitalization of the company which changed from Rs. 8291 Million to Rs. 14647 Million delivering a 21% average annual growth rate. This is a reflection of the confidence reposed by the Customers, Employees and Share holders in Ingersoll Rand India and a reaffirmation of the business model we are pursuing. Our business model ensures that we enable a world of sustainable progress and enduring results. Our focus on sustainability and environmentally responsible solutions that advance societies is the core purpose with which we do business. In a tough economic environment, the company has continued to demonstrate its ability to grow profitably by improving productivity, delivering growth and creating sustainability initiatives that improve quality of life.”
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