Electrosteel Castings Ltd has reported 36.52% increase in its turnover to Rs 403.60 crore for the first quarter of the current fiscal from Rs 265.63 crore recorded in the year-ago period. EBITDA for the quarter grew by 50.80% to Rs 66.86 crore from Rs 44.33 crore of the corresponding quarter of the previous year.

Profit before tax for current quarter, however, declined by 49.42% to Rs 21.10 crore from Rs 41.72 crore. Profits were impacted mainly by wide fluctuation of foreign currency rates on account of foreign currency loans. The net interest cost of the company increased to Rs 35.94 crore from Rs 5.78 crore recorded in the year-ago period.

In the current quarter, the production of DI pipes increased by 22.53% at 60,287 million tonne from 49,203 mt in the corresponding quarter of the previous year. The board has enhanced the investment in equity of Electrosteel Integrated Ltd, an associate company, to Rs 735.00 crore from Rs 630.00 crore required in a phased manner for increase in capacity from 1.3 million tonne per annum to 2.2 mtpa of integrated steel plant in Jharkhand.

Magma revenue up 58%

Magma Shrachi Finance Ltd, one of India’s leading retail asset financing companies, has reported a 58% increase in its revenue at Rs 138.51 crore for the quarter to June 30, 2008, compared with Rs 87.42 crore during the corresponding period of the previous fiscal.

Despite a slowdown in primary industry sales owing to higher interest rates and increase in fuel prices, the company registered a 43% growth in disbursals at Rs 1016.25 crore during the quarter under review, up 43% from Rs 708.8 crore in the year-ago period. Assets under management of the company crossed Rs 8000 crore during the period, according to a release issued by the company.

The company further enhanced its product portfolio by launching personal loans in May 2008.

Sanjay Chamria, vice-chairman & managing director, said: “We plan to stabilise the roll out of the offering by the third quarter of FY09. The personal loan offering has allowed us to diversify our product mix, thereby enabling us to cater to a broader audience.

Magma has launched personal loans in 54 locations across India, primarily in rural and semi-urban areas. During the quarter, the company’s disbursements in asset finance grew faster than the industry growth, the release said.