Srikalahasthi Pipes share price tanked despite the rise in the net profit. The company declared a net profit of Rs. 42.96 crore for the first quarter ended June 30, 2016, against Rs. 34.53 crore for the corresponding quarter last year. The company was formerly known as Lanco Industries Ltd. Srikalahasthi Pipes share price tanked 0ver 6%.
Srikalahasthi Pipes registered higher income of Rs. 279.22 crore for the June quarter in comparison to Rs. 255.85 crore in the corresponding quarter last financial year.
GS Rathi, Director of the company, informed that the current expansion program of Rs.100 crore is under implementation and will be completed by the second quarter of the ongoing financial year. The expansion program comprises of up-gradation and modification of blast furnace and expansion of ductile iron pipes capacity.
GS Rathi also announced that the company has shut down the mini blast furnace from August 4, 2016, for 30 days for taking up relining of the furnace along with modernization of the plant to trim down the cost of production of liquid metal. The shutdown is likely to be completed within the scheduled duration. Production for the full financial year is expected to be enhanced in comparison to last financial year.
Srikalahasthi Pipes share price had opened at Rs. 325.95 against its previous close of Rs. 324.40. The stock is among top 500 performing stocks for the quarter identified by Dynamic Levels. For details of the stock check Srikalahasthi Pipes share price history page of Dynamic Levels website.
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