Chennai: Srikalahasthi Pipes Limited has announced the audited financial results for the quarter and year ended 31 March. The firm stated that for the year, the profit before tax was Rs 160.05 crore, as compared to Rs 200.93 crore in the previous year.
The profit after tax (PAT) for the year stood at Rs 117.54 crore as against Rs 147.40 crore in the previous year. In the final quarter of the year, the profit before tax was Rs 47.43 crore as.
Director of the firm, G S Rathi has stated that the lower profitability is attributable to higher raw material cost, especially coking coal, iron ore, depreciation of rupee against dollar coupled with lower realisation on account of old orders on firm prices.
However, the company in the release said, it is hopeful of improved working during the financial year 2019-20 in view of higher demand from Andhra Pradesh where the plant is situated.