New Delhi, Oct 29 (UNI) Driven by increase demand for ferro alloys and steel, Facor Group today said it has registered 248.05 per cent jump in net profit at Rs 43.75 crore for the second quarter ended September 30, 2007 compared to Rs 12.57 crore for the same period last fiscal.
''We are delighted with the results. Increase demand for our products in the international and domestic market helped us to clock this results,'' Facor Group Chairman and Managing Director R K Saraf told reporters here.
The group expects these numbers to surge further.
He said the per capita consumption of stainless steel in the country is 1.1 kg whereas it stands at four-eight kg per in the semi-developed and developed countries.
''This 1.1 kg per capita consumption is surely to increase in the future due to growth in the Indian economy,'' Mr Saraf said.
The net income of the group posted 52.38 per cent increase at Rs 266.05 crore in Q2 FY 2007-08 against Rs 174.60 crore for the corresponding period last fiscal.
Due to rupee appreciation, the group income reduced by 10-12 per cent.
''We export our products to China, Taiwan, Korea and Europe,'' Mr Saraf said adding Chinese market is becoming competitive and we are changing our focus to European market.
The group targets to reach 8,000-10,000 crore turnover by the end of 2012.
''We aim our turnover to be between Rs 8,000-Rs 10,000 crore by the end of 2012 from the current Rs 1,000 crore turnover,'' said Mr Saraf.
The Group also said it will invest about Rs 3,000 crore in the next three-four years for business expansion.
The Facor Group is manufacturer of ferro alloys with an annual production of 1,40,000 tonnes.
It has chrome ore mines at Boula, Kathpal and Osthapal in Orissa.
The group has production facilities in Andhra Pradesh, Maharashtra and Orissa.