MRO-Tek posts 15% growth for 2002-03

By siliconindia   |   Monday, 23 June 2003, 07:00 Hrs
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BANGALORE: MRO-Tek Ltd., a networking and last mile access solutions provider, announced that its gross revenues stood at 96.53 crores with PBT at Rs 4.64 crores & PAT at Rs 3.24 crores for the year ended 31 March 2003, while the revenues for the last year stood at 84.87 crores with PBT of Rs 9.71 crores and PAT of 6.94 crores, recording a growth of 15% in revenues and reduction of 53% in profits. Though the operating margin has been maintained at a level of 24% approx, the reduction in Gross Contribution is due to liquidation of certain inventory at salvage value and absorption of value of inventory used in R&D activities. Consequently, the PBT too registered a decline, also absorbing considerable amount by way of accounting treatment of leased assets, resetting of receivables on conservative principles as well as absorption of revenue expenditure on R&D activities, which is more in the nature of 'Investment for future'. The company's export earning during the year 2002-2003 at Rs 3.60 crores, grew by over 350% over the previous year. S. Narayanan, Chairman & Managing Director, MRO-TEK., said, "Our growth objective remains unchanged. We believe that the tough times are behind us and the future looks promising. The growth has been affected to an extent due to weakening of global economy and the events that have occurred. With the Telecom and Finance sector growing substantially it offers a tremendous opportunity for us. Our strategy is to build on and extend this existing market strength and at the same time be prepared to serve the rapidly growing markets worldwide." The R&D section is involved in developing certain 'first-of-its-kind' Metro Access products having considerable scope for market even in developed countries such as USA, Japan, Europe & Korea. These products will add to the portfolio strengthening the companys product offerings. The Company has accomplished maiden success with commercialization of one of the products developed by this Division. The other products are scheduled to be released, in phases, in the next 9 to 12 months. To rightfully market these products, a full-fledged marketing office/Branch is established at USA, and needful action is being taken for positioning the infra-structural requirements well ahead and in time. "This will keep us in close contact with our customers and define products to suit their application requirements. The US offices will also enable us to reach out to new markets around the world", said Mr. H. Nandi, Managing Director, MRO-TEK LTD. Referring to the DRI investigation the company official said that necessary application has been made before the Appropriate Authorities and that the legal process is underway. Pending the outcome of such legal proceedings, no provision has been made in the accounts for the year under review.

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