The Gujarat-based steel casting manufacturer Steelcast Ltd on Monday reported a 39.3 per cent jump in net profit and 21.1 per cent in net sales in the financial year ended March 31, 2013, compared with the corresponding period last fiscal, due to strong domestic and export demand.
While the sales were Rs 287.35 crore (Rs 237.30 crore), profit after tax (PAT) stood at Rs 19.65 crore (Rs 14.11 crore), a company release said here.
In the fourth quarter of 2012-13, ended March 31, the sales were Rs 66.67 crore (Rs 72.03 crore), a fall of 7.4 per cent, whereas net profit was Rs 4.73 crore (Rs 4.14 crore), an increase of 14.2 per cent, said Chetan Tamboli, Chairman and Managing Director.
Commenting on the financial performance of the company, he said this is the third consecutive year in which the company has recorded above 30 per cent growth in net profit. Strong domestic and export demand as well as company’s aggressive strategy has made this possible.
Tamboli added that India would benefit from export revival because the country is the third largest manufacturer of castings after China and US.