Driven by increase in demand from user industries in domestic and international markets, Steelcast on Wednesday reported a 137.93 per cent jump in net profit for the quarter ended March 31 at Rs 4.14 crore.
The net profit in the same period of last year stood at Rs 1.74 crore.
The net sales for the quarter under review grew by 86.20 percent at Rs 71.27 crore as compared to Rs 38.27 crore in the same quarter of previous fiscal.
“The company has posted high growth in revenues as well as in profits due to strong demand in India and globally for steel castings from the mining industry,” said Mr Chetan Tamboli, Chairman and Managing Director, Steelcast.
For the year ended 2011—12, the firm reported a 226.62 percent jump in net profit to Rs 14.11 crore as against Rs 4.32 crore in the previous fiscal. Similarly, its total income stood at Rs 237.97 crore, up 77.86 percent, as compared to Rs 133.79 crore in FY11.