INSUBCONTINENT EXCLUSIVE:
Solar Industries today reported a 20 per cent increase in consolidated net profit at Rs 65.88 crore for the quarter ended March.
The
industrial explosives maker had posted a net profit of Rs 54.93 crore in the same quarter last year.
Its total income for the January-March
period stood at Rs 575.34 crore, up 30 per cent from Rs 442.10 crore posted in the year-ago period.
"We continue to have a positive outlook
on our business because of increased focus on road construction activities across the country
Our overseas and exports delivered a stellar performance as we recorded a growth of 53 per cent during the year," said Manish Nuwal,
managing director and chief executive officer, Solar Industries.
For financial year 2017-18, the company's revenues increased 21 per cent
to Rs 1,916.12 crore, from Rs 1,579.99 crore in 2016-17, while the net profit increased to Rs 220.55 crore, up 18 per cent from Rs 186.54
crore in FY17.
The company's order book currently stands at Rs 1,092 crore, which includes Rs 255-crore defence business contracts.
"The
government's continued emphasis on defence manufacturing will further empower us to achieve our targets comfortably by 2020," Nuwal
said.
During the year, the company started commercial production in South Africa, besides existing facilities in Nigeria, Zambia and
Turkey.
Solar Industries currently has manufacturing bases in five countries and exports to 51 countries.
"We are working towards expanding
facilities in 10 countries including Australia and Ghana by 2020," he said, adding the company has already incurred a capital expenditure of
Rs 215 crore in FY18 and plans to invest Rs 300 crore this financial year.
"We expect a 25 per cent growth in turnover in FY19
The growth will come from all the verticals like domestic, overseas and defence sectors," Nuwal added.
