Author Topic: INIL -- International Industries Ltd.  (Read 30125 times)

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Toshi

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INIL -- International Industries Ltd.
« Reply #-1 on: October 10, 2008, 01:38:50 PM »
All About International Industries Ltd.
« Last Edit: March 03, 2013, 02:00:20 PM by M&M »

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INIL -- International Industries Ltd.
« Reply #-1 on: October 10, 2008, 01:38:50 PM »

Offline arauf

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Re: INIL -- International Industries Ltd.
« on: September 26, 2009, 07:58:40 PM »
All about Intenational Industries Limited

Toshi

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Re: INIL -- International Industries Ltd.
« Reply #1 on: September 26, 2009, 10:58:49 PM »
Steel: INTERNATIONAL INDUSTRIES LIMITED - Analysis of Financial Statements Financial Year 2004 -H Year 2009

International Industries Limited is a top 25 KSE listed company. It was incorporated in 1948, as Sir Sultan Chinoy and Co Ltd - a trading company, which ventured into the business of manufacturing welded steel pipes and tubes in 1965. IIL is now in the business of producing and marketing of GI pipe, steel tubes and pipes, API line pipe and polyethylene line pipes throughout the world.

Its products major consumers are auto industry, oil and gas, water supply and sanitation, power and energy, telecom, builders, steel industry and NGOs. The company continues to remain the market leader in all segments within the country having a market share of about 50% in GI pipe and 40% in CR tubes.

The company strives to manufacture and sell products of the highest international quality and build on its position as the market leader, with sales growing from Rs 15 million in 1976 to more than Rs 12.068 billion in the fiscal year 2007-08. The company has a manufacturing capacity of 300,000 tons of small diameter steel pipes, which are sold in more than 30 countries across the world.

Till today, the company remains the leading exporter of welded steel pipes and tubes from Pakistan. It is certified to various standards of QMS, EMS, OHSAS 18001:1999; and has API Accreditation to Q1-5L and Q1-15LE and the exponential growth of its exports is a strong endorsement of its resolve to maintain the quality of its products comparable to those manufactured internationally.

RECENT RESULTS (HY09)

Slowdown in the economy has affected the International Industries Limited. Demand of its products remained low during HY09 (July-December 2008) as the activity in the construction sector and auto industry remained subdued. The sales volume declined by 15% during HY09. However, the sales revenue for the period increased by 30% from Rs 5.890 billion during HY08 to Rs 7.672 billion during HY09. The sales revenue increased (despite a fall in sales volume) due to an increase in prices of its products. The sales revenue earned from domestic sales and exports increased by 29% and 40% respectively.

The cost of sales of the company increased by around 39% due to high prices of raw material, salaries and electricity, gas, water charges. But major cause of higher cost of sales was the substantial inventory losses that the company faced as steel prices slipped down during the period after a hike in the corresponding period of FY08.

The IIL imports more than 80% of its raw materials and due to depreciation of Pak rupee, the cost of sales increased for the company. Also, an amount of Rs 548.787 million was included in the cost of sales on account of provision for impairment of raw material, work-in-process and finished goods inventory reducing the value to its estimated net realizable value, in accordance with the International Accounting Standards.

This provision further raised the cost of sales. The gross profit for the period was 29% lower as compared to during HY08. The financial charges also increased by 42% as mark-up on long term and short term increased due to the prevailing tight monetary policy. IIL also experienced an unrealized gain on a forward contract outstanding on June 30, 2008 amounting to Rs 49 million.

All these factors hampered the profitability of the company and it was the other operating income that boosted the profits of the company for the period. The income from non-financial assets contributed to higher (140%) other operating income.

The company generated Rs 73 million from power generation and Rs 2.682 million from gain on sale of property, plant and equipment. The company earned Rs 81 million on account of exchange gains from export sales. This resulted in other operating income of Rs 280 million during HY09 as against Rs 2 million in HY08. The profit after tax for HY09 was Rs 214.802 million as against Rs 287.684 million during HY08.

FINANCIAL PERFORMANCE (FY04-FY08)

International Industries Limited has exhibited a consistent growth in overall sales over the years despite the upward pressure on increased zinc and steel prices. Total sales in the fiscal year 2007-08 almost exceeded 180,000 tons with export sales showing recovery compared to FY07 when there was a 1% decrease in sales volume primarily due increased competition from the China in the European markets.

Hence the company decided to withdraw from these markets and concentrated on the near home markets of South Asia and the Middle East. In FY08, the companys exports increased by 24% to its highest ever level of 50,000 tons. However, the domestic sales, which accounted for around 72% of the overall sales for FY07-08, declined by 2% due to a decrease in sales of galvanized pipes in the local market.

The company performed well despite the rising freight costs and steel prices that pushed up companys costs and negatively impacted its profits in the first half of FY08. But the company showed prudence and purchased steel in advance at economical prices in the latter half of the year. The company also incurred an exchange loss of Rs 1.37 million due to the depreciation in rupee value against the US dollar.

In FY08, the company earned a profit after tax of Rs 705 million, which is 14% higher than Rs 612 million earned in FY07. Higher profits resulted from volumetric growth and were further boosted by other operating income on the back of gain on disposal of Available-for-Sale securities and income from power generation.

Overall, the gross margin remained flat whereas net margin declined slightly in FY08 compared to FY07 as the selling (including freight forwarding) costs rose by 23% due to increased fuel prices and administration expenses on account of increase in salaries and hiring of additional staff to run the plants added. Furthermore, ROA and ROE registered a decline in FY08 vis-à-vis last year.

Returns on assets decreased slightly because of lower NI growth (14%) compared to the growth (of 24%) in companys assets base (due to the companys planned capital expenditure). Return on common equity declined considerably because of a 62% increase in equity in FY08 backed by increase in paid-up capital and reserves of the company.

The current ratio of FY08 increased to 1.19 from 1.17 in FY07. This is because of higher growth in current assets backed by an extraordinary increase in the cash and bank balances of IIL from Rs 4 million in FY07 to Rs 28 million in FY08. However, steel prices have fluctuated during the past six months so much so that steel price doubled between the beginning and end of the financial year and this could exert pressure on the liquidity of the company.

Inventory is a major portion of IILs Current Assets and thus without this less liquid asset we get a more realistic picture of the companys short-term liquidity position. Quick ratio declined from FY07 level of 0.51 to 0.34 in FY08. This is because the quick assets of the company decreased from Rs 2.5 million in FY07 to Rs 1.8 million. Quick assets were lower, despite major increase in cash and bank balances and trade debts.

This is because of the short-term investments, which were prime driver behind the increase in QR of FY07, were not made by the company in FY08. There has been an increase in both ITO and DSO in FY08 by 14 and 8 days respectively, thus increasing an overall operating cycle to 181 days from 159 days during FY07. This is due to higher trade debts and inventory in FY08 compared to previous years.

The rising trend in the companys days sales outstanding meant that the company is following an easy credit policy to encourage sales. International Industries Limited has developed a formal approval process whereby credit limits are applied to its customers. The management continuously monitors the credit exposure towards the customers and makes provision against those balances considered doubtful of recovery.

Owing to growing assets base due to increased capital expenditure, total asset turnover ratio had declined in FY07. In FY08, the TATO improved slightly because the Net sales of the company registered a relatively higher growth than the assets base. In contrast the sales/equity ratio decreased because of higher equity issuance than sales growth. International Industries Limited has an equity base of over Rs 3.8 billion.

The companys D/E and the LTD/E ratios declined in FY08, despite additional borrowing for the planned capital expenditure, because the equity base of the company widened in this fiscal year, mainly due to the stock dividends (bonus issues), coupled with retained earnings and reserves growth. This is further augmented by the trend of debt ratio, which has decreased from 73% in FY07 to 64% in FY08. This means that the company has now a relatively smaller portion of total assets financed by creditors.

Amid rising interest rate regime, one can clearly see a drastic impact on the companys interest covering ability which has declined from 11.7 times in FY04 to only 3.03 times in FY08. This means that company needs to further improve its operating profits so as to offset the rising mark-up charges on its redeemable capital and short term borrowing, which have increased considerably in the later years owing to the high-interest rate regime.

Overall the stock price of the company has been volatile and has not outperformed the KSE 100-idex benchmark since 2004. However, the P/E multiple has surged in FY07 and FY08 on account of lower EPS, which in turn, is on the back of higher shares outstanding (due to stock dividends). The BVPS of the company has increased in FY08 owing to higher equity base than o/s shares. The DPS though has declined over the years, it has been regular showing good returns and prudent dividend policy of IIL.

FUTURE OUTLOOK

The company has many ongoing expansion plans which are expected to expand its sales in the future. The companys downstream project comprising of 250,000 tons per annum cold rolling mill and a 150,000 tons per annum metal coating steel plant is planned to be located at Landhi, Karachi. This project will be turned into a subsidiary as all assets and liabilities of this project including a 18mw gas fired power plant already constructed and operational at that plot will be separated from International Industries Limited.

Initially it will be a wholly owned subsidiary of the Company but later IIL ill have a 55% stake in this subsidiary. The subsidiary would be a public limited company listed on the stock exchanges in Pakistan. This project will cost Rs 8 billion of which Rs 4 billion will be financed through equity and the other half through debt. The cost of the cold rolling and galvanized sheet project is not expected to increase despite devaluation of the rupee and increase in financial charges.

So far, company has been financing this project. Company will generate additional capital by issuing ordinary shares. The company has been making huge capital expenditure to expand its Polyethylene pipe division alongside the proposed Cold Rolled and Metal coated steel sheet project. This will increase the capacity of the company and enable it to meet demand.

Demand for International Industries Ltds products was expected to rise internationally in the future as many countries were investing in their infrastructure, housing, transport and industrial sectors. IIL is the leading exporter of welded steel pipes and tubes from Pakistan and is selling its products in all continents. However, the sales growth for IIL may remain subdued as the international economic downturn may cause the demand to go down.

Similar is the case with the local market and domestic sales. To improve sales, the company must focus on the international market especially as current margins on exports are better due to rupee depreciation. The future profitability of the company also depends on how prudently the company deals with competition from new market entrants, rising interest rates and changes of tariffs.

In the future management needs to be cost conscious and monitor and control expenditure to avoid the margins from being eroded. Considering the companys past ability to maintain its market leadership and performance standards, one can expect an overall positive outlook for it.

====================================================================
INTERNATIONAL INDUSTRIES LIMITED - KEY RATIOS
====================================================================
PROFITABILITY                   FY04    FY05    FY06    FY07    FY08
--------------------------------------------------------------------
Gross profit margin            19.90%  14.28%  18.47%  16.68% 16.62%
Profit margin                   8.70%   5.25%   6.95%   6.32%  5.84%
Return on Asset                 9.27%   7.55%  10.17%   7.13%  6.64%
Return on Common Equity        26.91%  21.79%  26.68%  26.17% 18.61%
--------------------------------------------------------------------
LIQUIDITY RATIO                 FY04    FY05    FY06    FY07    FY08
--------------------------------------------------------------------
Current Ratio                   1.17    1.19    1.21    1.17    1.19
Quick Ratio                     0.29    0.25    0.49    0.51    0.34
--------------------------------------------------------------------
ASSET MANAGEMENT                FY04    FY05    FY06    FY07    FY08
--------------------------------------------------------------------
Inventory Turnover(Days)         171     133      96     125     139
Day Sales Outstanding (Days)      35      26      28      34      42
Operating cycle (Days)           206     159     125     159     181
Total Asset turnover            1.07    1.44    1.46    1.13    1.14
Sales/Equity                    3.09    4.15    3.84    4.14    3.19
--------------------------------------------------------------------
DEBT MANAGEMENT                 FY04    FY05    FY06    FY07    FY08
--------------------------------------------------------------------
Debt to Asset                     66%     65%     62%     73%    64%
Debt/Equity (Times)             1.90    1.89    1.62    2.67    1.80
Times Interest Earned (Times)  11.71    5.88    5.02    3.20    3.03
Long Term Debt to Equity(%)       18%     19%     14%     45%    30%
--------------------------------------------------------------------
PER SHARE                       FY04    FY05    FY06    FY07    FY08
--------------------------------------------------------------------
Earning per share              24.13    8.72   12.47   10.77    8.47
Price earning ratio             6.76   12.05    9.49   13.76   14.30
Dividend per share             10.00    3.75    5.00    3.75    2.50
Book value                     89.65   40.01   46.73   41.15   45.51

Offline Farzooq

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Re: INIL -- International Industries Ltd.
« Reply #2 on: October 04, 2009, 05:47:25 PM »
International Industries Limited 23 July 2009
01:55 PM
(PKT +5:00GMT) BOOK CLOSURE TO 31/08/2009
BOOK CLOSURE FROM 21/08/2009
ANNUAL GENERAL MEETING WILL BE HELD ON 31/08/2OO9
EPS = 3.75
PROFIT/LOSS AFTER TAXATION RS. IN MILLION 374.809
PROFIT/LOSS BEFORE TAXATION RS. IN MILLION 468.809
DIVIDEND = 22.5%
FINANCIAL RESULT FOR THE YEAR ENDED 30/06/2OO9
International Industries Limited 24 April 2009
10:04 AM
(PKT +5:00GMT) BOOK CLOSURE TO 28/05/2009
EPS = 2.10
PROFIT/LOSS AFTER TAXATION RS. IN MILLION 208.247
PROFIT/LOSS BEFORE TAXATION RS. IN MILLION 293.247
FINANCIAL RESULT FOR THE THIRD QUARTER ENDED 31/03/2OO9
E. O. G. M. WILL BE HELD ON 28/05/2009
BOOK CLOSURE FROM 22/05/2009
International Industries Limited 22 January 2009
02:12 PM
(PKT +5:00GMT) EPS = 2.1
PROFIT/LOSS AFTER TAXATION RS. IN MILLION 214.802
PROFIT/LOSS BEFORE TAXATION RS. IN MILLION 292.463
FINANCIAL RESULT FOR THE HALF YEAR ENDED 31/12/2OO8
International Industries Limited 23 October 2008
01:55 PM
(PKT +5:00GMT) EPS = 2.30
PROFIT/LOSS AFTER TAXATION RS. IN MILLION 225.554
FINANCIAL RESULT FOR THE FIRST QUARTER ENDED 30/09/2OO8
PROFIT/LOSS BEFORE TAXATION RS. IN MILLION 295.554
International Industries Limited 28 July 2008
02:43 PM
(PKT +5:00GMT) BOOK CLOSURE TO 30/08/2008
BOOK CLOSURE FROM 19/08/2008
EPS = 8.47
PROFIT/LOSS BEFORE TAXATION RS. IN MILLION 904.303
BONUS ISSUE = 20%
FINANCIAL RESULT FOR THE YEAR ENDED 30/06/2OO8
DIVIDEND = 15%(F)
RIGHT ISSUE = 25% AT A PREMIUM OF Rs.40/= PER SHARE
PROFIT/LOSS AFTER TAXATION RS. IN MILLION 705.303
ANNUAL GENERAL MEETING WILL BE HELD ON 30/08/2OO8
International Industries Limited 24 April 2008
01:41 PM
(PKT +5:00GMT) EPS = 5.10
PROFIT/LOSS BEFORE TAXATION RS. IN MILLION 558.208
FINANCIAL RESULT FOR THE NINE MONTHS ENDED 31/03/2OO8
PROFIT/LOSS AFTER TAXATION RS. IN MILLION 421.208
International Industries Limited 25 January 2008
09:44 AM
(PKT +5:00GMT) BOOK CLOSURE TO 27/02/2008
FINANCIAL RESULT FOR THE HALF YEAR ENDED 31/12/2OO7
EPS = 3.80
PROFIT/LOSS BEFORE TAXATION RS. IN MILLION 365.284
BONUS ISSUE = 10%
DIVIDEND = 10%(i)
PROFIT/LOSS AFTER TAXATION RS. IN MILLION 287.684
BOOK CLOSURE FROM 16/02/2008
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Offline Admin

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Re: INIL -- International Industries Ltd.
« Reply #3 on: October 22, 2009, 12:56:56 PM »
22-OCT-09 INIL Int. Ind.Ltd. FINANCIAL RESULT FOR THE FIRST QUARTER ENDED 30/09/2009
22-OCT-09 INIL Int. Ind.Ltd. PROFIT/LOSS BEFORE TAXATION RS. IN MILLION 297.859
22-OCT-09 INIL Int. Ind.Ltd. PROFIT/LOSS AFTER TAXATION RS. IN MILLION 226.859
22-OCT-09 INIL Int. Ind.Ltd. EPS = 2.27

Toshi

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Re: INIL -- International Industries Ltd.
« Reply #4 on: January 15, 2010, 05:42:32 AM »
Buy INIL with stop below 59,Just started its bullish trend,Rs.70 is my target.
Its half year BM is due with in rest of this month.

Offline co2

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Re: INIL -- International Industries Ltd.
« Reply #5 on: January 29, 2010, 09:54:00 AM »
1.5 Rs  div   :speak_cool:
An investor without investment objectives is like a traveler without a destination.  ~Ralph Seger

Offline Farzooq

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Re: INIL -- International Industries Ltd.
« Reply #6 on: January 29, 2010, 11:48:43 AM »
29-JAN-10 INIL Int. Ind.Ltd. FINANCIAL RESULT FOR THE HALF YEAR ENDED 31/12/2009
29-JAN-10 INIL Int. Ind.Ltd. DIVIDEND = 15%(i)
29-JAN-10 INIL Int. Ind.Ltd. PROFIT/LOSS BEFORE TAXATION RS. IN MILLION 550.361
29-JAN-10 INIL Int. Ind.Ltd. PROFIT/LOSS AFTER TAXATION RS. IN MILLION 422.659
29-JAN-10 INIL Int. Ind.Ltd. EPS = 4.23
29-JAN-10 INIL Int. Ind.Ltd. BOOK CLOSURE FROM 19/02/2010
29-JAN-10 INIL Int. Ind.Ltd. BOOK CLOSURE TO 25/02/2010
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Offline Farzooq

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Re: INIL -- International Industries Ltd.
« Reply #7 on: April 30, 2010, 02:28:10 PM »
eps 6.48
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Offline arauf

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Re: INIL -- International Industries Ltd.
« Reply #8 on: August 12, 2010, 10:44:34 PM »
very good annual results. What do experts say? Is it worth buying at this rate?

Offline Abdul Qadir

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Re: INIL -- International Industries Ltd.
« Reply #9 on: August 13, 2010, 01:39:09 AM »
Around 65 are good rates to enter...

Offline guru1

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Re: INIL -- International Industries Ltd.
« Reply #10 on: October 07, 2010, 11:47:02 PM »
I bought some 5k at around 48 . what do u think should i accumulate more here or wait for it to come some down. What do u think about its future?

Offline Poker Face

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Re: INIL -- International Industries Ltd.
« Reply #11 on: October 07, 2010, 11:53:55 PM »
If past results are anything to take into account, then it is one of the best companies but it is the future earnings that matter and no one exactly know the future.
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Offline guru1

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Re: INIL -- International Industries Ltd.
« Reply #12 on: October 08, 2010, 12:02:37 AM »
Some wise man said- coming events cast their shadows before. Hopefully it will perform better.

Offline Poker Face

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Re: INIL -- International Industries Ltd.
« Reply #13 on: October 08, 2010, 12:39:47 AM »
And guru bhai better earnings ki hope mein hi keemat barhti hai. Hope is very important.
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Offline Farzooq

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Re: INIL -- International Industries Ltd.
« Reply #14 on: June 29, 2011, 12:46:09 PM »
International Industries Ltd (INIL) updates…
INIL can show hefty one time gain in final quarter i.e. 4QFY11 on account of divestment of
International Steel Ltd. shares. The final EPS can jump up to 10.6/sh (final quarter EPS could be Rs
5.81/sh, as per our estimates). Which also translates into a final dividend of Rs 2.5 – 3/sh along with a
customary bonus issue (since INIL has a rich history of giving dividend and bonus). The cumulative
dividend in a year could be Rs 4 – 5/sh (since company has already passed on Rs 1.5/sh. INIL is one
company which is being investor favorite due to payout history (see table). Despite being a consistent
payer it is ‘out of favor’ with market analysts’ that do not cover the company.

Years FY10 FY09 FY08 FY07 FY06 FY05
Cash Dividend 4 .00 2.25 2.50 3.75 5.00 3.75
Bonus % 20% ? 30% 33% 33% 110%
Source: www.scstrade.com & INIL annual reports

INIL, being one of the dynamic organizations in the steel industry has performed consistently well in
the past. At its inception in 1948, company went through several intermediary stages and conducted
various businesses including distribution, trading, contracting together with imports and exports. IIL is
in the business of producing and marketing of GI Pipe, Steel tubes and pipes. Among its product line; it
holds substantial market share of 50% in G.I. Pipe and 40% in CR Tubes.

INIL recorded a growth in net sales of about 65% in FY05 after which (except for sluggish growth in
FY06, FY09 & FY10) it consistently grew by 25% in FY07, FY08 & 9MFY11. It is expected to touch
R.s16bn in FY11 (June end) which will be the all time highest figure in the history of IIL. Earning trigger
is the increased demand of steel in domestic and international market. As per World Steel Association
world steel demand is forecasted to grow by 6% in 2012. We are expecting dividend yield of 10.1%
9MFY11 G.P margin fell by 15.3% indicating high cost of sales. Cost of sales increased by 28.7% more
than the growth of sales due to surge in the international price of steel which resulted in a dramatic
rise in the raw material procurement cost, thus threatening the gross margin. Given that high
domestic and international demand of steel coupled with supply shortages are termed to be the prime
reason for this price hike.

R.s mn FY09 FY10 FY11E
Net Sales 12,317 13,472 16,331
Gross profit 1 ,167 2,222 2,015
PBIT 1,004 1,616 2,083
PAT 375 1,026 1,272
EPS Rs/sh 3.8 10.3 10.6
DPS 2.3 4.0 4.0?5.0
Bonus ? 2.0 1.0?2.0
Ratios
GP Margin 9.5% 16.5% 12.3%
NP Margin 3.0% 7.6% 7.8%
P.E x 12.3 5.5 4.7
Dividend yield 4.9% 7.1% 10.1%
Market price taken 46.0 55.99 49.73
Profit & Loss a/c
Source: www.scstrade.com & INIL annual reports
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Offline Abdul Qadir

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Re: INIL -- International Industries Ltd.
« Reply #15 on: June 05, 2012, 05:08:56 PM »
Soon there will be turn around this share just keep ur eyes and good for medium term around 31 Rs.
Profitability is going to invrease due to good exports and depreciating pak rupee.

Offline Valueestimator

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Re: INIL -- International Industries Ltd.
« Reply #16 on: June 05, 2012, 08:43:56 PM »
what is target by december 2012.

steel manufacturers around the globe are not performing well.

power cost is huge

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Offline Abdul Qadir

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Re: INIL -- International Industries Ltd.
« Reply #17 on: June 05, 2012, 11:42:48 PM »
what is target by december 2012.

steel manufacturers around the globe are not performing well.

power cost is huge

Above 50

Offline sanwar

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Re: INIL -- International Industries Ltd.
« Reply #18 on: June 06, 2012, 08:08:27 AM »
Any idea about ISL...??

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