Kolkata, July 25 (IANS) Specialised refractories manufacturing major IFGL Refractories Ltd (IFGL) posted a net profit of Rs.106 million in the first quarter of 2008-09, registering a growth of 121.76 percent compared to the corresponding period last year. “The company has earned a very good profit in the first quarter of the current financial year and we are expecting a very good performance in the next quarter with a focus on the overseas operations,” Pradeep Bajoria, the company’s director and chief executive, told reporters here Friday.

“We are targeting a total turnover of Rs.5.5 billion by the end of 08-09,” Bajoria said.

He said the total turnover of the company in the first quarter was about Rs.1.04 billion against the figure of Rs.891 million in the last fiscal.

“We are hopeful of increasing our exports from Rs.1 billion to Rs.1.25 billion this financial year. About 60 percent of our total turnover comes from export oriented products,” he said.

Referring to the successful acquisition of Germany-based Hofmann Group of Companies, Bajoria said: “All foundry products of the company will be sold under the brand name of Hofmann Ceramics.”

The German company, a 100 percent subsidiary of Monocon International Refractories Limited of UK, was acquired through a special purpose vehicle (SPV) named IFGL GmbH.

IFGL picked up 96.16 percent shareholding in Hofmann, a leading manufacturer of ceramic special filters used by foundries, in July this year.