Business

Srikalahasti Pipes Q3 net doubles on higher income

Srikalahasti Pipes Ltd. (SPL) formerly Lanco Industries, has reported a 117% increase in its standalone net profit for the third quarter ended December 2019 to ₹67.66 crore on higher total income.

During the period under review, the company posted a 12% increase in its revenue from operations to ₹446.25 crore.

SPL adopted a lower rate of Income Tax after evaluation and hence the charge on account of Income Tax for the quarter under review was lower.

The company, on January 16, commenced the commercial operations of the first furnace of 9 MVA capacity to produce ferro silicon. The second furnace of similar capacity to produce silico manganese would be commissioned during the current quarter, said G.S. Rathi, wholetime director, SPL.

He also said that the plans to put up a new mini blast furnace, additional hot stove, raw material handling system, creating the facilities for producing 1200 dia ductile iron (DI) pipes and additional infrastructure to increase the capacity of DI pipe production was proceeding as per schedule.

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Printable version | Jun 1, 2020 3:30:48 PM | https://www.thehindu.com/business/srikalahasti-pipes-q3-net-doubles-on-higher-income/article30728893.ece

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