McNally Bharat posts 15% profit growth

McNally Bharat Engineering Co Ltd (MBECL) reported a 15 per cent growth in PAT at Rs 8.73 crore in Q1FY13 and an order backlog of Rs 4,050 crore (as on July 31, including L1 status in tenders worth Rs 400 crore). The company is awaiting outcome of tenders worth Rs 21,000 crore, an MBECL note said. But the company said it faced payment delays and consequent increase in working capital borrowings. The total borrowing of the company went up to Rs 513 crore till June 30 from Rs 435 crore on March 31 this year. Of the total Q1-end borrowing, Rs 395 crore was for working capital needs and the rest were term loans. MBECL said it expected to register a consolidated top-line of around Rs 2,750 crore in FY’13 and maintain consolidated operating EBIDTA at the level of 8-9 per cent. The company hoped to start its EPC business for cement plants this fiscal.