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Electrosteel castings net profit in Q1 down by 48% QoQ

BS reported that Electrosteel Castings has registered a net profit of INR 15.41 crore in the first quarter ended June 30th 2008 down by 48.30% from its previous quarter net profit of INR 29.81 crore.

As per report, profit before tax declined 49.42% to INR 21.10 crore. EBITDA at INR 66.86 crore represents an increase of 50.80% over INR 44.33 crore. Turnover at INR 403.60 crore saw an increase of 51.94%.

The board has approved enhancement of investment in Electrosteel Integrated an associated company from INR 630 crore to INR 735 crore which will be required in a phased manner for increase in capacity from 1.3 million tonnes to 2.2 million tonnes for an integrated steel plant in Jharkhand.

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