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Water pipes manufacturer Srikalahasthi Pipes Ltd (formerly, Lanco Industries Ltd) has reported 82 per cent increase in its net profit for the quarter ended March 2015, to Rs 30.42 crore. On the back of this performance the company’s board of directors has recommended a dividend of Rs 3 a share.
On the NSE today, the SRIPIPES share price closed at Rs 171, slightly lower than the 52-week high of Rs 179 on Tuesday, the May 4. Notably, on May 9, 2014, the share was at its year lowest, at Rs 32-more than five-fold increase.
For the full year 2014-15, the net profit rose 114 per cent over the previous year - it rose to Rs 82.98 crore from Rs 38.70 crore, previously.
Srikalahasthi’s Director, Gowri Shankar Rathi, said that the company has just completed capacity expansion and the full benefit of that could be expected to accrue to the company in the current year. Further, the company is also raising its captive power capacity by 6 MW, which will also help bring down power costs - making water pipes of ductile iron is a power consuming process.
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