Driven by increase in demand from user industries, steel castings company, Steelcast reported a whopping 504.88% jump in net profit to INR 4.96 crore for the quarter ended December 31 as against INR 8.2 million in the year ago period. The net sales for the period stood at INR 64.65 crore, up 87.22% compared to INR 34.53 crore in the same period last year.

Mr Chetan Tamboli CMD in a statement said that "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.”

He said that the company's domestic sales and exports grew significantly adding, exports accounted for around 45% 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.

Mr Tamboli added that "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.”

(Sourced from www.financialexpress.com)