Steelcast Q3 net up 18.79 per cent at Rs 5.88 crore

MUMBAI: Steel castings manufacturer Steelcast today posted 18.79 per cent rise in net profit to Rs 5.88 crore in the third quarter of current financial year.

Net profit of the company stood at Rs 4.95 crore in the same period of last financial year, the company said in a release issued here.

The company's net sales increased by 25.83 per cent to Rs 81.35 crore during Q3 against Rs 64.65 crore reported in the corresponding period of last fiscal.

"Steelcast continues to post strong growth every quarter due to strong demand in India and abroad for steel castings from the user industries. Exports, largely to the US and Germany constituted nearly 58.39 per cent of sales in the third quarter of 2012-13," company's Chairman and Managing Director Chetan Tamboli said.

He, however, added that there was likely to be some drop in offtake in steel castings during the fourth quarter due to pile up of inventory and finished goods after which normal offtake was likely to resume from first quarter of next fiscal.