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Steel City Securities net up 68 per cent

VDS Rama Raju  |  Visakhapatnam 

City-based stock broking and commodities trading company Steel City Securities Limited (SCSL) posted a 68 per cent growth in net profit at Rs 7.15 crore during 2014-15 as compared with Rs 4.26 crore in the preceding year. Apart from increase in trading turnover, financial activities like pension, insurance and e-governance, contributed to the net profit significantly last fiscal, said Satish Kumar Arya, director (operations).

The company opened 50 branches during 2014-15 fiscal taking its total to 357 across the country. This year, it is planning to add more than 150 branches, including e-governance centres, he said. The company now operates 160 e-governance centres, and gradually plans to convert them as full-fledge trading and financial business hubs.

It also announced a dividend of 28 per cent and distributed Rs 3.5 crore for the year 2014-15 as against 10 per cent dividend in the preceding year.

This year, SCSL is expecting over Rs 10 crore in net profit. Its trading turnover for 2014-stood at Rs 65,182 crore compared with Rs 55,839 crore in 2013-14. It is targeting 20-25 per cent growth in trading turnover this fiscal, he said.

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First Published: Fri, July 24 2015. 22:30 IST