India-based Electrosteel Castings Limited, a manufacturer of ductile iron (DI) pipes, has reported a net profit of INR 2.27 billion ($27.19 million) in the fourth quarter (January-March) of the fiscal year 2024-23, up 153.92 percent year on year, according to a company statement on Tuesday, May 14.
The company has reported total revenues of INR 20 billion ($240.03 million) for the quarter, a rise of 7.40 percent year on year.
The company also announced that it will be setting up a greenfield DI pipe manufacturing plant in the eastern state of Odisha and, while land for the project had already been secured, work on investment and capacity has commenced.
The company is looking at a DI pipe making capacity of 0.5 million mt per year or equivalent to about 60 percent of its existing capacity, the company said in its statement.