Hinduja Foundries has reported a 41 per cent rise in its net sales and income from operations at Rs. 551.16 crore in the 12 months ended March 31, 2011, against Rs. 391.54 crore in the corresponding period in the previous year. The net profit has improved to Rs. 7.48 crore from Rs. 35 lakhs.
Addressing presspersons here on Friday, B. Swaminathan, who has been appointed as Managing Director in place of V. Mahadevan from May 1, said production of castings during the year had improved by 34 per cent at 88,545 tonnes against 66,235 tonnes, mainly due to the larger scale of operations and product spread. The tractor industry was a major contributor to foundry growth besides commercial vehicles and car segments. The output was expected to grow by around 30 per cent during the current year, he said.
Mr. Swaminathan said “Our priority today is to scale up quality, productivity and deliveries of national and global standard.” An investment close to Rs. 70 crore had already been committed towards technology upgradation and capacity optimisation at the existing units. He said the company was looking at acquisition of one company in Latin America and two in Europe.