Solar Industries May 9 reported 11 percent increase in net profit for the quarter ended March 31 at Rs 75 crore as against Rs 68 crore in the corresponding period last fiscal and hopes to maintain the growth outlook at over 20 percent in FY20.
Its total revenues for the January-March quarter grew 17 percent to Rs 673 crore from Rs 575 crore, the company statement said.
The company’s revenues for the fiscal year 2018-19 stood at Rs 2,462 crore up 29 percent from Rs 1,916 crore in FY18. Its net profit for FY 19 grew 19 percent to Rs 277 crore from Rs 234 crore in the previous fiscal.
“We delivered robust performance in 2018-19 backed by strong revenue growth across all our business segments despite challenging global business environment,” its managing director and CEO Manish Nuwal said.
He further said that during the year, in domestic business the company witnessed strong demand from infrastructure segment particularly road construction.
“However, the demand from coal mining sector was quite subdued due to lower overburdened growth. We are expecting improved demand in FY20. We continue to maintain the growth outlook at over 20 percent plus for this fiscal,” Nuwal added.
During the year, the export and overseas business witnessed a growth of 20 percent, despite of the fact that some of the key units continued to witness challenging business conditions.
“A consistent increase in revenue from defence products quarter-on-quarter shows a strong growth. This year the turnover from defence products sale has reached Rs 170 crore. With the present order book of Rs 396 crore, we expect a significant turnover of around Rs 300 crore this fiscal,” he added.
The company, which is engaged in manufacturing of explosives and explosive accessories has a Pan India presence with 25 manufacturing facilities has a global footprint in more than 51 nations with manufacturing facilities in 5 countries.