IFGL profit doubles to Rs 10.70 crore

KOLKATA: IFGL, a leading manufacturer of specialised refractories, has seen its total income increase by 22% to Rs 125.75 crore in the first quarter, even as the company’s profit after tax more than doubled to Rs 10.70 crore on strong sales.

Profit before tax went up more than twice to Rs 14.3 crore in the April-June quarter of 2011-12 from Rs 6.22 crore in the previous corresponding period.

With steel production remaining strong during the quarter, IFGL saw increased sales both in domestic and export markets. IFGL said it has taken many initiatives to combat increasing costs of raw materials and energy.

The order book for the current quarter has been healthy on the back of steady steel output. S Khasnobis, former managing director of ARCIL has also been appointed as an additional director of the company with immediate effect.