Turnover jumps 87% to Rs. 65 crore in Q3

Ahmedabad, February 06, 2012: India’s leading steel castings company, Steelcast Limited, reported a net profit of Rs 4.96 crore for the third quarter ended December 31, 2011 which represents a whopping jump of 504.88% over Rs 0.82 crore PAT posted in the similar quarter in previous financial year. Net sales in current Q3 at Rs. 64.65 crore were higher by 87.22% over previous fiscal’s similar period net sales of Rs. 34.53 crore.

For the nine months ended December 31, 2011 Steelcast’s PAT stood at Rs 10.35 crore, a 301.16% increase over the similar period of previous fiscal. Net sales too were higher by 76.97% at Rs 165.27 crore in current fiscal’s nine months as against Rs. 93.39 crore in previous year’s similar period.

Commenting on the financial performance of the company, Mr. Chetan Tamboli, Chairman & MD of Steelcast Ltd. said, “Our sales and profits have continued to post strong growth due to high demand in all the user industries. Company’s domestic and export sales have grown significantly, with global market sales accounting for around 45% of turnover. A significant expansion project is close to completion and major orders from foreign and Indian firms have been flowing in. We will continue to grow at a fast pace in the coming few quarters too.”

ABOUT STEELCAST LIMITED:

Steelcast Limited is one of India’s largest steel castings manufacturing company 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. is expected to post revenues of over Rs. 225 crore in 2011-12, with nearly 45% coming from exports, mainly to the USA and Germany.

Company’s product range includes industrial castings in carbon steel & 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 is of 17,000 tonnes per annum and further expansion is planned in the coming years. Company caters to the following industries: earthmoving equipment manufacturers, mining, mineral processing equipment manufacturers & Cement Machinery 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 2.5% stake in the company to date.