Driven by increase in demand from user industries,steel castings company,Steelcast today reported a whopping 504.88 per cent jump in net profit to Rs 4.96 crore for the quarter ended December 31 as against Rs 82 lakh in the year-ago period. The net sales for the period stood at Rs 64.65 crore,up 87.22 per cent compared to Rs 34.53 crore in the same period last year. "Our sales and profits have continued to post strong growth due to high demand in all the user industries. Strong demand from user industries in India and globally has put the company on a high growth trajectory," Steelcast Chairman and Managing Director Chetan Tamboli said in a statement. The company's domestic sales and exports grew significantly,he said,adding,"exports accounted for around 45 per cent of turnover." Steelcast caters to industries including earthmoving equipment manufacturers,mining,mineral processing equipment and cement machinery manufacturers. The company's manufacturing capacity is around 17,000 tonne per annum and further expansion is planned in the coming years,he said. "A large expansion project is close to completion and major orders from domestic and international firms have been flowing in. We will continue to grow at a fast pace in the coming few quarters too," Tamboli added.
