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Bhavnagar-based Steelcast Ltd on Monday reported a 108 per cent jump in net profit and 40 per cent in net sales in the second quarter of 2012-12, ended September 30, compared with the corresponding quarter last fiscal. While the sales were Rs 74.35 crore (Rs 53.02 crore), net profit stood at Rs 6.09 crore (Rs 2.93 crore), according to a company press release here.
On Monday, the company’s share price closed 0.53 per cent down at Rs 56.55. During the second quarter, Steelcast received the quality assurance certification from the Association of American Railroads, which will help it tap the US Railways demand for steel castings. It will also reduce the company’s dependence on the mining sector and open up the railway market globally as well as in India, said Chetan Tamboli, Chairman and Managing Director.
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