Steelcast Q3 net profit jumps by 500%

Bhavnagar-based steel castings maker, Steelcast Limited has registered a net profit of Rs 4.96 crore for the third quarter ended December 31, 2011 against Rs 0.82 crore in the same period last year, showing a jump of 504.88 per cent.

Net sales for the period stood at Rs 64.65 crore were higher by 87.22 per cent over previous fiscal’s similar period net sales of Rs 34.53 crore.

For the nine months ended December 31, 2011 Steelcast’s PAT stood at Rs 10.35 crore, a 301.16 per cent rise over the same period last year. Net sales jumped by 76.97 per cent at Rs 165.27 crore in current fiscal’s nine months as against Rs 93.39 crore in previous year’s similar period.

Commenting on the financial performance of the company, Chetan Tamboli, chairman and MD of Steelcast said, “Our sales and profits have continued to post strong growth due to high demand in all the user industries. Company’s domestic and export sales have grown significantly, with global market sales accounting for around 45 per cent of turnover.” Adding further, he said that the company would continue to grow at a fast pace in the coming quarters.