Chennai: Srikalahasthi Pipes Limited has announced that the firm’s profit before tax for the quarter ended 30 June was Rs 50.24 crore, as compared to Rs 21.17 crore in the corresponding quarter of previous year.
The profit after tax (PAT) for the quarter was Rs 33.37 crore as against Rs 17.29 crores in the same quarter last year. The production of ductile iron pipe (DIP) during the quarter stood at 65,518 tonnes as against 59,555 tonnes in the corresponding quarter, the firm said in a release.
G S Rathi, whole time director of the company informed that during the quarter under review, the company took a planned shutdown of its plant for a period of about ten days as part of routine maintenance. He informed that considering the growing demand of DIP, the board in its meeting held on 22 July has approved to increase the capacity of its DIP plant from the present capacity of three lakh MT to five lakh MT per annum.
The total investment to increase the capacity will be around Rs 400 crore, the firm said.
The board in its previous meeting had already sanctioned capex of Rs 145 crore and the balance capex of around Rs 255 crore was approved at the meet, added the release.