Visakhapatnam-based Steel Exchange India Limited (SEIL), which is into steel manufacturing and steel trading business, posted about 99 per cent growth in net profits during the year 2006-07 at Rs 7.81 crore as compared with Rs 3.92 crore in the previous year. | |
| However, turnover was down 13 per cent to Rs 480 crore as against Rs 548.99 crore in the preceding year. |
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| Improved marketing, increase in steel production and better management skills resulted in increase in net profit, B Suresh Kumar, chairman, SEIL, said. "During 2006-07, we focused on the manufacturing division rather than steel trading due to which turnover declined but margins improved," he said. |
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| Of the total turnover of Rs 548.99 crore in 2005-06, about 70 per cent was generated through steel trading, but in 2006-07, this was 50 per cent, he added. |
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| During the current year, SEIL is targeting a 25 per cent growth in turnover at Rs 600 crore. |
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| With the recent merger with Vizag Profiles, SEIL expects its steel manufacturing division to contribute 70 per cent. Vizag Profiles has a 55,000- tonne capacity re-rolling mill at Ongole and two wire drawing units at Vizag. |
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