Vizag-based Steel Exchange India Limited (SEIL), which is into steel manufacturing and trading, posted a growth of 237 per cent in net profit at Rs 7.29 crore for the half year ended September 30, 2007, compared with Rs 2.16 crore during the corresponding period last year. | |
| Turnover increased by Rs 37 crore to Rs 228 crore during the period. "Better reliasation and increase in sales of our products contributed to the phenomenal growth," B Suresh Kumar, director, SEIL, told Business Standard. |
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| The company expects to end the current fiscal with Rs 15 crore net margins, as against Rs 8.08 crore achieved last fiscal. Despite a slowdown in steel trading, it is eyeing a turnover of Rs 525 crore during this fiscal, compared with Rs 469 crore in the 2006-07 financial year. |
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| The merger of Vizag Profiles production and steel trading divisions with SEIL was completed recently, he said. However, Vizag Profiles' entity would continue with only logistics and handling divisions. |
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