Steelcast net profit up by 36%
Bhavnagar-based Steelcast Ltd, a steel castings manufacturer, reported a 36% rise in its net profit to Rs. 4 crore for the first quarter of fiscal 2013-14 ended June 30, 2013 as against Rs. 2.95 crore in the previous year's Q1.
AHMEDABAD: Bhavnagar-based Steelcast Ltd, a steel castings manufacturer, reported a 36% rise in its net profit to Rs. 4 crore for the first quarter of fiscal 2013-14 ended June 30, 2013 as against Rs. 2.95 crore in the previous year's Q1.
According to the company's press statement, the total income for the current Q1 stood at Rs. 58.33 crore against previous fiscal's Q1 turnover of Rs. 63.90 crore. At the company's annual general meeting (AGM) held on Tuesday, the shareholders have approved a final dividend of 36% (Rs. 1.80 per share).
"Our profits have been growing in double digit since last few quarters and this quarter is no exception." said Chetan Tamboli, Chairman and Managing Director of Steelcast Ltd. He further added that the capex (capital expenditure) of the Mining Industry has been either reduced or differed due to which order book of mining equipment manufacturers may be lower in FY13-14 compared to FY12-13. This may also result in lower order book from mining equipment manufacturers to our Company in FY 2013-14.
Download ET Markets APP
