Electrosteel Castings H1 turnover up by 57 per cent

Kolkata, Oct 15 (UNI) The Electrosteel Castings has notched up Rs 931 crore turnover during the first half of the current fiscal against Rs 592 crore in the corresponding period last year, recording a growth of 57 per cent.

Informing this, an Electrosteel Castings communique said the company's earnings before interest, taxes, depreciations and amortisation (EBITDA) stood at Rs 143 crore in the same period as compared to Rs 72 crore in the corresponding period pervious year, registering an increase of 99 per cent.

It stated that the production of DI pipes was raised by 18 per cent at 1,21,644 ton from 1,02,931 tons in the same period on year-to-year basis.

According to the communique, the promoters opted for conversion of warrants to 62,50,000 equity shares of Re one each at premium of Rs 42.80 per share.

Furthermore, the firm had concluded an External Commercial Borrowing (ECB) of USD 77.5 million to partly fund its long-term requirements to meet its future plans towards various modernisation and backward integrated projects, it informed.

In a bid to augment the long-term working capital requirements, apart from funding its capital expenditures, the firm had signed rupee loan agreements and initiated draw down of loan for an aggregate amount of Rs 350 crores, the communique further informed.

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