PSL's Q4 net up 2.75 pc to Rs 88.3 cr

MUMBAI: Specialised pipe manufacturer PSL Ltd on Saturday said its net profit rose by 2.75 per cent to Rs 88.30 crore in the fourth quarter ended March 31, 2010.

The company had a net profit of Rs 85.93 crore in the same period last fiscal, PSL Ltd said in a filing with the Bombay Stock Exchange (BSE).

Total income decreased to Rs 2,810.66 crore in the quarter under review from Rs 3,549.56 crore in the same period last year.

For the year ended March 31, 2010, the company's net profit increased to Rs 122.67 crore from Rs 94.85 crore in the previous fiscal.

Total income climbed to Rs 3,993.56 crore in the year under review from Rs 3,648.91 crore during the same period year ago.

The firm's board of directors has recommended a final dividend of Rs 1.50 per share on the paid-up share capital of the company for the year 2009-10. This has resulted in total dividend payment of Rs 4 per share including an interim dividend of Rs 2.50 per share already paid in May, it said.

PSL manufactures and supplies spiral weld pipes conforming to American Petroleum Institute standards for oil, gas and water transmission, as well as structural and piling applications for both onshore and offshore sector.