Srikalahasthi Pipes Net Up 24 percent

Srikalahasthi: 29th August, 2016
: The Board of Directors of Srikalahasthi Pipes Limited approved the unaudited financial results for the quarter ended 30th June, 2016 at is meeting held on 29th August, 2016.
Srikalahasthi Pipes Net Up 24 percent

Profit before tax for the quarter ended 30th June, 2016 surged by 25.73% to Rs.58.83 crores compared to Rs.46.79 crores registered in the corresponding quarter of the previous year. The Profit after tax for the quarter under review increased by 24% to Rs.42.97 crores as against
Rs.34.53 crores in the corresponding quarter in the previous year.

Mr. G.S. Rathi, Whole-time Director, informed that the ongoing expansion programme of Rs.100 Crores comprising up-gradation and modification of Blast Furnace and augmentation of Ductile Iron Pipes capacity is under implementation and will be completed by 2nd quarter of the
current fiscal (2016-17).

He further informed that the Company has taken shut down of the Mini Blast Furnace (MBF) from 4th August, 2016 for a period of about 30 days for entire relining of the furnace along with modernisation to reduce the cost of production of liquid metal.

The shutdown is expected to be completed within the scheduled duration. The production performance for the full financial year will be better vis-à-vis last financial year.