Editors Synopsis

• Total income for 9MFY09 up by 45% to Rs. 2318 crores

• PAT for 9MFY09 up by 9% to Rs. 72.33 crores

• EPS for 9MFY09 works out to Rs. 16.93

• Total income for Q3FY09 grew by 47% to Rs. 998 crores

• PAT for Q3FY09 at Rs. 24.68 crores

• EPS for Q3FY09 works out to Rs. 5.78

PSL Limited, a leading player in manufacturing and coating of pipes for transporting hydrocarbon products, water products, and steel structural applications in India, today reported total income of Rs. 2318.92 crores for the nine-month period ended December 31, 2008 compared to Rs. 1595.64 crores in corresponding period of last fiscal year, registering an increase of 45 %.

The board at its meeting held here today took on record the unaudited financial results for the quarter ended December 31, 2008.

Net profit for the nine months ended December 31, 2008 rose by 9 % to Rs. 72.33 crores, as against Rs. 66.45 crores posted in the same period of last fiscal year. Earnings per Share (EPS) for 9MFY08 worked out to Rs. 16.93 as compared to Rs. 16.98 for the same period of last fiscal year.

Total income for the quarter ended December 31, 2008 grew by 47 % to Rs. 998.77 crores compared to Rs. 667.91 crores in the corresponding period of last fiscal year. Net Profit for the third quarter stood at Rs. 24.68 crore, as compared to Rs. 30.19 crore posted in the same period of last fiscal year. Earnings per share (EPS) for the quarter stood at Rs. 5.78 as compared to Rs. 7.72 in the corresponding period of last fiscal year.

Commenting on the results, Mr. Ashok Punj, MD, PSL Limited said, “The Company’s performance manifests that PSL is on a growth path even in the current market conditions. With our enhanced capacity and strong order book we intend to grow in coming quarters as well”.

Continuing with the company’s payout policy, PSL announced an Interim Dividend Payout of Rs 2.50, the same rate as in the previous instance, for the current financial year despite the prevailing market conditions, for its shareholders.