Calcutta, Oct 13: Electrosteel Castings Ltd, a Calcutta-based ductile iron (DI) and cast iron (CI) pipes manufacturer, increased its net profit by 59.8 per cent to Rs 43.16 crore in the first half of the current fiscal compared to Rs 27.13 crore in the first half of the previous fiscal. Its second quarter net profit also went up by more than 16 per cent in the second quarter compared to the first quarter of the current fiscal.The company expects to achieve for the first time in its history a turnover of more than Rs 500 crore in 1999-2000 fiscal.
According to the unaudited result published by the company after its board meeting held here on Wednesday, gross sales increased from Rs 195 crore to Rs 249 crore during the first half of 1999-2000.
Its net profit went up from Rs 19.98 crore in the first quarter to Rs 23.18 crore in the second quarter of the current fiscal and gross sales increased from Rs 116.37 crore to Rs 132.81 crore.
The company expects to do better in the second half of the current fiscal, finance director SY Rajagopalan told The Financial Express. ``Our production, sales and net profit in the second half of the current fiscal will be more than what have been achieved in the first half. Our sales will surely cross the Rs 500 crore mark this fiscal,'' he said.
``The company will not find it difficult to achieve the goal as our order position is quite comfortable. We have a total order for 82,000 tonnes of DI and CI pipes at present,'' Rajagopalan said.
Copyright © 1999 Indian Express Newspapers (Bombay) Ltd.