By Vivek K Mob: 00919820310487 E-mail: email@example.com
India’s leading steel castings manufacturer, Gujarat-based Steelcast Limited has reported a 107.85% jump in net profit to Rs 6.09 crore for the second quarter (Q2) ended September 30, 2012 as against Rs. 2.93 crore in the previous Q2 of 2011-12. Net sales for current Q2 at Rs. 74.35 crore were higher by 40.23% over previous fiscal’s Q2 turnover of Rs. 53.02 crore.
For the first six months of 2012-13 ended September 30, 2012 Steelcast posted a 67.72% growth in profit after tax (PAT) at Rs 9.04 crore as against Rs 5.39 crore in the first half of previous fiscal.
During the second quarter that is in July-end Steelcast received the quality assurance certification from the Association of American Railroads. This certification will help the company to tap the huge US Railways demand for steel castings. Steelcast has thus achieved the distinction of becoming only the second castings company in India to have got this accreditation. This new development will also reduce the company’s dependence on the mining sector and open up the railway market globally as well as in India.
Commenting on the financial performance of the company, Mr. Chetan Tamboli, Chairman and Managing Director of Steelcast Ltd said, “The Company has posted strong growth in revenues as well as in profits due to strong demand in India and globally for steel castings from the user industries. Exports, largely to the US and Germany, constituted nearly 45% of sales in the first half of 2012-13.”
About Steelcast Limited:
Steelcast Limited is one of India’s leading steel castings manufacturing company in the earthmoving equipment sector. Strong demand from user industries in India and globally has put the company on a high growth trajectory. Listed on the Bombay Stock Exchange (BSE), Steelcast Ltd. posted revenues of over Rs. 238 crore in 2011-12, with nearly 45% coming from exports, mainly to the USA and Germany.
Company’s product range is castings in carbon steel and low alloy steel. Some of the company’s major clients are Caterpillar, Komatsu, Thyssen Krupp, JCB, Tatas, L&T, Essar & BEML.
Steelcast’s manufacturing capacity is 22,000 tonnes per annum and further expansion is planned in the coming few years. Company caters to the following industries: earthmoving equipment manufacturers, mining, mineral processing equipment manufacturers.
Steelcast’s state-of-the-art manufacturing facilities as well as registered office are located in Bhavnagar, Gujarat. Established as a partnership firm in 1960, the company got converted into a private limited company in 1972. Thereafter, in 1994, it came out with its public issue with equity participation from Kurimoto Ltd. of Japan. The Japanese company continues to have a 2.5% stake in the company to date.