Electrosteel Castings is trading higher by 4% at Rs 23.35 in otherwise weak market, extending its past two day’s 12% rally after reported a robust earnings growth for the quarter ended September 2012.
The construction and engineering company has reported 91% year-on-year (yoy) growth in net profit at Rs 37 crore for the second quarter ended September 2012. Net sales grew by 8.62% to Rs 479 crore in the July-September quarter of 2012 from Rs 441 crore in the corresponding quarter of last fiscal.
Operating profit increased by 32% at Rs 83 crore on y-o-y basis, while margins improved substantially to 16.9% from 13.88% during the recently concluded quarter.
The stock opened at Rs 22.75 and hit a high of Rs 23.40 on the BSE. A combined 2.28 million shares have changed hands on the counter so far on both the exchanges.
