25.05.2009

Sanghvi up 19%

Sanghvi Movers, India’s largest crane rental company has reported an upbeat first quarter and is forecasting improved demand for new cranes.

The company saw revenues increase 18.7 percent to Rs940 million ($19.9 million) for the quarter to the end of March. In the same period new profits improved eight percent to Rs256 million, ($5.4 million).

Chandrakant Sanghvi, chairman and managing director of Sanghvi Movers said: “We are working with Reliance, BHEL and IOC in their respective projects and with the announced projects for the next two years, especially in power and other infrastructure projects, we see a lot of demand coming up for new cranes”.

”We could achieve a growth of more than 40 percent and will be holding to our capital expenditure