Explosives manufacturer Solar Industries today reported 13.07 per cent increase in net profit for the June quarter at Rs 47.06 crore.
Net profit stood at Rs 41.62 crore in the corresponding period last fiscal.
Its total income for the quarter rose by 10.95 per cent to Rs 460.33 crore from Rs 414.90 crore in the same period last fiscal, the company said in a statement here.
"There is domestic growth of 16.67 per cent on account of the volume growth in all product segments. Bulk explosives growth is 10.69 per cent, cartridge explosives have grown by 36.74 per cent, detonators by 17.48 per cent and detonating fuse by 65.99 per cent," the firm's CEO and Executive Director Manish Nuwal said.
He said the constant currency growth in the overseas business would have been significant but because of the currency devaluation in Nigerian currency by 82 per cent, there is a translational loss of Rs 15.39 crore and another Rs 4.60 crore on account of devaluation of Turkish currency, taking the total loss to around Rs 20 crore.
"We are hopeful of starting commercial production in South Africa by the fourth quarter of this fiscal. We have order book of Rs 72 crore from defence and the supply will start from October, and we are confident of executing most of it in this year," Nuwal said.
He said with the government focus on mining, infrastructure, housing and defence, the company has a positive outlook for its businesses.
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