Steelcast Ltd PAT up 18.79% at Rs. 5.88 cr in Q3 of FY2013

Media Release

Steelcast Ltd PAT up 18.79% at Rs. 5.88 cr in Q3 of FY2013

January 17, 2013: India’s leading steel castings manufacturer Steelcast Limited reported a 18.79% jump in net profit to Rs. 5.88 crore for the third quarter (Q3) ended December 31, 2012 over Rs. 4.95 crore in the previous Q3 of 2011-12. Net sales for current quarter at Rs. 81.35 crore were higher by 25.83% over previous fiscal’s third quarter turnover of Rs 64.65 crore.

For the 9 months ended December 31, 2012, the company’s net profit at Rs. 14.93 crore was higher by 44.25 % compared to a PAT of Rs. 10.35 crore in previous year’s 9 months. Net sales at Rs. 220.67 crore in current 9 months was up by 33.52% over Rs. 165.27 crore in previous year’s nine months.

Commenting on the financial performance of the company, Mr. Chetan Tamboli, Chairman and Managing Director of Steelcast Ltd said, “The Company continues to post strong growth every quarter due to strong demand in India and abroad for steel castings from the user industries. Exports, largely to the US and Germany, constituted nearly 58.39% of sales in the third quarter of 2012-13.”

“From recent customer feedback, there is likely to be some drop in offtake in steel castings during Q4 of F.Y.2012-13 compare to the preceding quarter. This is mainly due to pile up in inventory and finished goods at their end, as well as at their dealers’ end. However, normal off take is expected to be restored from Q1 of F.Y.2013-14.”

About Steelcast Limited:

Steelcast Limited is one of a leading steel castings manufacturing company of India, mainly in the earthmoving equipment sector. Strong demand from user industries in India and globally has put the company on a high growth trajectory. Listed on the Bombay Stock Exchange (BSE), Steelcast Ltd. posted revenues of over Rs. 238 crore in 2011-12, with nearly 45% coming from exports, mainly to the USA and Germany.

Company’s product range is castings in carbon steel and low alloy steel. Some of the company’s major clients are Caterpillar, Komatsu, Thyssen Krupp, JCB, Tatas, L&T, Essar & BEML.

Steelcast’s manufacturing capacity for the F.Y. 2013-14 is 22,000 tonnes per annum and further expansion is planned in F.Y. 2014-15. Company caters to the following industries: earthmoving equipment manufacturers, mining, mineral processing equipment manufacturers.

Steelcast’s state-of-the-art manufacturing facilities as well as registered office are located in Bhavnagar, Gujarat. Established as a partnership firm in 1960, the company got converted into a private limited company in 1972. Thereafter, in 1994, it came out with its public issue with equity participation from Kurimoto Ltd. of Japan. The Japanese company continues to have a 2.41% stake in the company to date.

For further information:

Darshan Mankad / Saurabh Shah

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