Everest Industries Q1 net up 16.9 pc at Rs 22.9 cr

Building solutions provider Everest Industries today reported a 16.9 per cent increase in net profit for the quarter ended June 30 at Rs 22.9 crore mainly on the back of double digit growth in its steel buildings business.
The company had reported a net profit of Rs 19.6 crore in the corresponding period of previous fiscal.
Its total revenue for the April-June quarter stood at Rs 406.9 crore from Rs 388.3 crore, registering a growth of 4.8 per cent.
"Despite macro-economic scenario not showing any drastic improvement, we have been able to sustain the upward growth trajectory with the steel building business delivering double digit growth," company's Managing Director Manish Sanghi said.

He said the impact of 'Make in India' will potentially help it to further improve the order book in that segment.
"While for the building products business, we hope to concentrate on further improving our distribution network going forward," Sanghi said.

The firm's steel building business, led by growing customer trust on end-to-end pre-engineered building solutions by Everest, ended the first quarter with a 26.8 per cent growth.
Winter-rains, however, adversely impacted the building products business, he said.
On the international business front, Everest's UAE plant project for making fiber cement boards is on track as per schedule.
"The Emirates works project is going on smoothly and we expect start of production as per schedule next year. That would give further impetus to our international business," he added.