The company had posted a net profit of Rs 21.44 crore in the corresponding quarter of last year.
Net sales of the company grew by 20 per cent at Rs 299.43 crore in the reporting quarter as against Rs 249 crore posted in the same quarter a year ago.
In a release the company stated that the quarter witnessed a surge in interest rate but the company was able to maintain its cost of borrowing because of diversified cost of funds.
The company's stock price rose slightly to Rs 256 per share as compared to its previous day's close of Rs 255.05 per share.