Electrosteel Castings Ltd has reported an 18.5% increase in its turnover to Rs 1,331 crore for the financial year 2007-08, from Rs 1,123 crore in the year-ago period. Profit before tax and exceptional item declined 30% to Rs 110.65 crore from Rs 158.42 crore.
Profits were impacted by increase in iron ore and coal prices internationally, according to a release issued by the company.
For the quarter to March 31, 2008, the company has reported a turnover of Rs 415.29 crore, compared with Rs 311.11 crore during the corresponding quarter of FY 2006-07. PBT was Rs 28.94 crore, as against Rs 36.57 crore during the year-ago period.
Production of DI pipes at 2,14,956 mt declined 6.6% during the year, primarily owing to plant shutdown necessitated by unseasonal flooding and relining of blast furnace. This was partially offset by higher production (50,504 mt) of CI pipes to the extent of 20% and a rise of 35% in production of DI fittings to 4,654 mt, the release said.
The allotment of an iron ore mine in Kodolibad, Jharkhand, a backward integration measure, will further reduce operating costs and ensure steady supplies.