HSIL: Q2 net profit up

Building products and container glass maker HSIL reported 52% increase in its net profit to INR 13.93 crore for the quarter ended 30 September 2010, compared to the same period last fiscal.
Net profi…

Building products and container glass maker HSIL reported 52% increase in its net profit to INR 13.93 crore for the quarter ended 30 September 2010, compared to the same period last fiscal. Net profit for the same period of the last fiscal was INR 9.15 crore, the company said in a statement. The second quarter has contributed healthy results for each of the business divisions and for the company as a whole. We have strengthened our operations to leverage our distribution network in the building products division, HSIL joint managing director Sandip Somany said. The total income of the company for this second quarter was INR 229.54 crore compared to INR 179.16 crore for the same period in 2009. For the half year ended 30 September 2010, HSIL net profit was at INR 27.46 crore compared to INR 11.56 crore for the same period in 2009, while total income was INR 460.63 crore, compared to INR 344.70 crore. HSIL had successfully concluded its capital raising exercise of INR 150 crore through private placement of 1.10 crore shares at a price of INR 136.10 per share. According to the company, these funds will be used as part of the business expansion plan with total capital outlay of INR 350 crore.