Domestic steel pipe manufacturer APL Apollo today said it has recorded a 49 per cent jump in its net profit for the second quarter of the current fiscal at Rs 12 crore as against Rs 8 crore in the year-ago period.
APL Apollo Tubes, formerly known as Bihar Tubes, said its net profit has increased due to rising demand and better sales realisation of its products.
"We have expanded our reach to new markets, thereby resulting in higher offtake and improved realisations," APL Apollo Tubes Managing Director Sanjay Gupta said in a statement here.
Going forward, the company expects its sales to further grow with the rising demand.
"Our initiatives in the current quarter would not only result in significant growth in our topline but would strengthen our margins, thereby enhancing shareholders' value," Gupta said.
The company recommended an interim dividend of 10 per cent for its shareholders.
APL Apollo's total income stood at Rs 222.41 crore for the quarter under review as against Rs 144.18 crore in the year-ago period.
