Solar Industries Q1 Net rises 54.64 pc at Rs 39.68 crore

Industrial explosives manufacturer Solar Industries India today posted a 54.64 per cent increase in net profit for the April-June quarter at Rs 39.68 crore.
The Nagpur-based company had reported a net profit of Rs 25.66 crore in the corresponding quarter last fiscal, it said in a release.
Its total revenues for the quarter stood at Rs 373.47 crore as against Rs 275.94 crore in the same quarter last year, registering a growth of 35.34 per cent.
"We are pleased with the performance reported by the company despite the economic environment continuing to be challenging. All segments reported healthy growth, enabling the company to report a sizeable jump in operating profit," Solar Industries India's Director Manish Nuwal said.

He said renewed thrust by the new government to boost investments in infrastructure and mining sector is likely to accelerate demand for explosives this year onwards.
"This should help the company leverage investments it has made in shoring up capacities recently. Our optimistic demand outlook also enthuses us to add capacities. Our spend on defence capex should also start yielding results from this year onwards," Nuwal said.

The company is on track to add three bulk plants this year to cater to the iron ore mining and construction sectors, where it was not present so far, he said.
During the quarter, the company commenced production of cartridge plants in Zambia and Turkey.

Solar Industries has manufacturing facilities in 16 locations across India along with three manufacturing units overseas, including Zambia, Nigeria and Turkey, besides a distribution network in more than 30 countries.