Nitin Fire Protection Industries Limited (NFPIL), an established player in fire protection, safety, security and intelligent building management systems, high pressure seamless cylinders and refuelling stations reported a 80.51% jump in its consolidated Net profit after extraordinary items at Rs. 27.69 crore as compared to Rs. 15.34 crore in the corresponding period in the previous year. Net sales rose by 91.33 % to Rs. 194.26 crore as compared to Rs. 101.53 crore in the same period of previous year.
For the quarter ended December 31 st, 2008, the Company’s Net Profit stood at Rs. 8.17 crore compared to Rs. 6.24 crore in the corresponding quarter last year, a rise of 30.73%. Net sales rose by 72.71 % at Rs. 68.34 crore compared to Rs. 39.57 crore in the corresponding quarter last year. In Q3FY09, an amount of Rs 3.87 crore has been provided under extraordinary item on account of exchange fluctuation loses.
Commenting on the earnings, Nitin Shah, Chairman and Managing Director, Nitin Fire Protection Industries Limited said “With the availability of CNG in India set to double in the next three years and the improving CNG infrastructure, we believe the demand for CNG vehicles will also rise. This, in turn, will boost demand for CNG cylinders”.
“With foray into high pressure seamless CNG cylinder business and entry into Fire Protection for Hotels and Banks, we expect the margins of the Group Companies to improve going forward”, Mr. Shah added.
Recently, the Company’s subsidiary Logicon Building Systems Pvt. Ltd. acquired orders for fire alarm and fire fighting systems for Hotels and Banks.
