Ingersoll Rand India Ltd has announced the following Unaudited Results for the quarter ended December 31, 2007:
The Company has posted a net profit of Rs 831.60 million for the quarter ended December 31, 2007 where as the same was at Rs 144.80 million for the quarter ended December 31, 2006. Total Income is Rs 1449.50 million for the quarter ended December 31, 2007 where as the same was at Rs 1772.00 million for the quarter ended December 31, 2006.
(I) (a) Road development business has been sold to Volvo India Pvt Ltd, effective May 04, 2007 pursuant to the approval from the members.
(b) Profit on sale of road development business, net of expenses incurred, is estimated pending finalisation of costs and net asset value associated with the sale.
(II) (a) Utility Equipment, Attachments and Bobcat business has been sold to Doosan International Pvt Ltd effective November 30, 2007 pursuant to the approval from the members.
(b) Profit on sale of utility equipment, attachments and bobcat business, net of expenses incurred, is estimated pending finalisation of costs and net asset value associated with the sale.
(III) Segment results of the current period are not comparable with that of the previous period, due to change in method of allocation of common expenses in the current period consequent to sale of businesses, referred to in note (I) and note (II) above.
Ingersoll Rand-Reliance MF dumps 972712 shares in the Open Market,
Ingersoll Rand-BSE 500210
Reliance Mutual Fund seems to have given up on Ingersoll Rand, knocking off
its entire shareholding of 972, 712 shares in the open market, in the October
2007 to December 2007 period.
As of September 2007, Reliance Capital Trustee held as much as 3.08 per cent
of the company stock and was one of its biggest shareholders alongside Ingersoll
Rand USA with 74 per cent, GIC with 1.78 per cent and UIA with 1.22 per cent.
This shareholding has reduced to zero for Reliance MF as of end December
2007, with UIA and GIC retaining their equity stake alongside the parent entity.
Ingersoll Rand has had the poorest performance within the MNC concerns
operating in India, with virtually no visibility on its growth plans.
Worse, it has continued to sell all its businesses one by one, with Drilling
business being sold to Atlas Copco in 2006, the Road Construction business to
Volvo in 2007 and the Bobcat Division to Doosan also in 2007.
What is left is a Rs 300 crore business to manufacture compressors, growing at
a 15 per cent clip.
In possibly the worst example of financial management, the corporate had close
to Rs 250 crore in Bank deposits as of March 2007. To which would have been
added another Rs 330 crore by virtue of sale of its road construction and bob
cat businesses.
The corporate discloses no expansion plans to its local shareholders and
refuses to give away the cash chest as dividends.
Better to stay away from such lethargic entities..probably Reliance MF too has
thrown in the towel looking at the poor quality of management at Ingersoll Rand.
BY MAVERICK
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