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Kolkata, July 21

Electrosteel Castings Ltd has posted a lower net profit of Rs 15.41 crore in the quarter ended June 30, 2008. The company’s net profit in the same period last year was Rs 29.81 crore. In the period for April-June 2008, the profit before tax stood at Rs 21.10 crore (Rs 41.72 crore). The lower profits in the first quarter of the current fiscal have been attributed to fluctuation in foreign currency rates on account of foreign currency loans that pushed up the net inter est cost to the company to Rs 35.94 crore (Rs 5.78 crore), according to a press release . The net income from operations went up to Rs 403.60 crore (Rs 295.63 crore), the release added. —

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