Electrosteel turnover increases by 36.52 per cent

Kolkata, Jul 21 (UNI) Electrosteel Castings Limited has jacked up its turnover by 36.52 per cent to Rs 403.60 crore for the first quarter of FY 2008-09 from Rs 265.63 crore in the corresponding quarter of the previous year.

A company statement here today said EBITDA at Rs 66.86 crore represented an increase of 50.80 per cent over Rs 44.33 crore of the corresponding quarter of the previous year.

Profit before tax for current quarter declined by 49.42 per cent to Rs 21.10 crore from Rs 41.72 crore in the corresponding quarter of the previous year.

Profits were impacted mainly by wide fluctuation of foreign currency rates on account of foreign currency loans and as such the net interest cost of the company increased to Rs 35.94 crore in the first quarter of FY 2008-09 from Rs 5.78 crore in the corresponding quarter of the previous year.

In the current quarter, the production of DI pipes reported at 60,287 MT representing an increase of 22.53 per cent from 49,203 MT of the corresponding quarter of the previous year.

The Board had accorded its consent towards the enhancement of the investment in equity of Electrosteel Integrated Limited, an associate company from Rs 630.00 crore to Rs 735.00 crore to be required in a phased manner for increase in capacity from 1.3 MTPA to 2.2 MTPA of integrated steel plant in Jharkhand.

UNI SJC KK DB1808