Stainless steel maker Varun Industries today reported a net profit of INR 15.41 crore for the quarter ended September 30 2011, a growth of 24% YoY

Net sales of the company grew by 2% to INR 903.60 crore during the quarter from INR 885.82 crore in the July-September quarter of FY'11.

It said “Our total growth target for the fiscal is 15% and we are in line with our target. In percentage terms, it may look small, but in absolute numbers, we are on our target.”

He added that the company experienced accelerated growth in the corresponding quarter last fiscal, as the global economy was in good shape and Varun Industries had ventured into commodities trading.

(Sourced from PTI)