Gujarat-based Steelcast Ltd on Wednesday reported an 8.7 per cent fall in income and a 36 per cent increase in profit after tax (PAT) in the first quarter ended June 30, 2014 compared to the corresponding period last fiscal.

While the income stood at Rs 58.33 crore (Rs 63.90 crore), PAT increased to Rs 4 crore (Rs 2.95 crore), according to a press release here.

The company’s shareholders have approved a final dividend of 36 per cent (Rs 1.80 per share), said Chetan Tamboli, Chairman and Managing Director.

He said in view of the mining industry’s capital expenditure either reduced or deferred, the company’s order book for mining equipment may be lower this fiscal compared to last financial year.

Steelcast, a leading steel castings manufacturing company in the earthmoving equipment sector, makes carbon steel and low alloy steel. Some of the company’s major clients are Caterpillar, Komatsu, Thyssen Krupp, JCB, Tatas, L&T, Essar and BEML. Its current manufacturing capacity is 22,000 tonnes per annum. 

Set up as a partnership firm in 1960, the company got converted into a private limited company in 1972. In 1994, it came out with its public issue with equity participation from Kurimoto Ltd of Japan, which continues to have a 2.2 per cent stake in the company.

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