Gujarat, India-based steel castings manufacturer Steelcast Limited has announced its financial results for the financial year 2011-12, ended on March 31.
In the given year, the company's net profit amounted to INR 14.11 billion ($255.3 million), registering a substantial increase from INR 4.32 billion in the previous financial year. Total income of Steelcast increased to INR 237.9 billion ($4.29 billion), up 77.86 percent year on year.
In the last quarter of the financial year, Steelcast increased its net profit to INR 4.14 billion ($74.88 million) compared to INR 1.74 billion in the corresponding quarter of the previous year, while its total income for the quarter amounted to INR 72.47 billion ($1.31 billion), up 80.23 percent year on year.
As SteelOrbis previously reported, in April this year Steelcast stated that it would invest around INR 1.07 billion ($19.36 million) in expanding and upgrading capacities in order to meet the increasing demand from the domestic as well as global markets. Steelcast expects strong growth mainly in orders from the US and Europe.