Everest Industries Q1 net rises marginally at Rs 26 cr

The growth in profit was mainly on account of improved sales: Manish Sanghi

Building solutions provider Everest Industries today posted a marginal growth in net profit for the quarter ended June 30 at Rs 26.32 crore on the back of improved sales.

The company's net profit for the corresponding period last year stood at Rs 26.22 crore.

"The growth in profit was mainly on account of improved sales," Everest Industries Managing Director Manish Sanghi told reporters here.

Everest Industries, which offers building products and steel building solutions for industrial, commercial and residential sectors, posted a 19.73 per cent rise in total income at Rs 291.47 crore as against Rs 243.43 crore in the year-ago period.

"We expect to maintain 20 percent growth in revenues for the fiscal, which will be largely backed by increase in demand for our building products segment," he said.

Everest offers a varied range of fibre cement products covering both roofing as well as boards. It exports to Asia, Africa, South Pacific and Europe.

The company has manufacturing facilities at Kymore in Madhya Pradesh, Kolkata, Coimbatore and Nashik for its building products as well as a pre-engineered building manufacturing facility at Roorkee in Uttarakhand.

"We are also setting up a fibre cement roofing plant at Balasore in Orissa at an investment of Rs 50 crore to meet increasing demand from various sectors. The facility will be operational by December-end," Sanghi added.