Seshasayee is chairman of Hinduja Foundries

Hinduja Foundries Ltd has appointed R Seshasayee, managing director of Ashok Leyland, as its new chairman in place of R J Shahaney who resigned as chairman and director on October 21.

During the second quarter of 2010-11, the company reported a turnover of Rs 131.80 crore as compared to Rs 100.70 crore for the corresponding period last year. The profit before tax for the quarter was Rs 1.29 crore (Rs 2.24 crore).

V Mahadevan, managing director, Hinduja Foundries, said that the long-term wage agreement at the Hyderabad unit had been signed and the unit resumed normal operations on September 2, 2010. The profitability of the quarter was impacted by the temporary suspension of operations of the unit.

“In line with the revival in the manufacturing industry, the demand for casting is picking up and the company has increased the utilisation of capacities,” he said.

The company is expected to ramp up supplies of castings to new domestic and overseas customers during the second half of 2010-11.