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Srikalahasthi Pipes Limited has posted a profit of Rs.67.66 crore for the quarter ended December 31, 2019 as against Rs 31.15 crore in the same quarter of the previous year.
The company logged a total income of Rs 460.70 crore during the third quarter as against Rs 406.70 crore for the corresponding quarter last year.
The company Board, which met today, adopted a lower rate of Income Tax after evaluation and hence the charge on account of Income Tax is lower.
The cumulative profit after tax for the nine months ended December 2019 was Rs 136.95 crore as against Rs 81.71 crore in the corresponding nine months ended December 2018, thus registering an increase of about 68 per cent.
G.S. Rathi, Whole-time Director, informed that commercial operations of the first furnace of 9 MVA to produce Ferro Silicon has commenced on January 16, 2020 and the operations have stabilised. The 2nd furnace of 9 MVA to produce silico manganese will also be commissioned during the current quarter.
He stated that the expansion plans to put up new MBF, Additional Hot Stove, Raw Material Handling System, Creating the facilities for producing 1200 dia D I Pipesand additional infrastructure to increase the capacity of D I Pipe production is as per schedule.
Srikalahasthi Pipes expects to be the major beneficiary of the upcoming water supply projects in Andhra Pradesh. With the recent union budget allocation of Rs.3.6 lakh crore for "Jal Jeevan Mission, the demand for the Ductile Iron Pipe industry is expected to go up.
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