Latest News | Goodluck India Q4 Profit Jumps Three Folds to Rs 24 Cr

New Delhi, May 26 (PTI) Steel products maker Goodluck India on Thursday reported three-fold jump in consolidated net profit at Rs 24.30 crore for March quarter 2021-22 boosted by higher income.

The company had clocked Rs 8.18 crore net profit in January-March 2020-21, it said in a regulatory filing.

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Total income also increased to Rs 702.02 crore in the quarter from Rs 484.35 crore in the year-ago period.

In the entire 2021-22 fiscal year, net profit more than doubled to Rs 75.02 crore from Rs 30.05 crore in the preceding financial year.

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The company clocked a record turnover of Rs 2,617.10 crore last fiscal year compared to Rs 1,578 crore during 2020-21.

The company's board has recommended a final dividend of Rs 2 per share for financial year 2021-22 which is subject to the approval of shareholders at the ensuing Annual General Meeting.

In a separate statement, the company said it made exports worth Rs 1,060 crore last fiscal year which is "highest ever exports" made by the company.

"FY22 has indeed been a great year for the company. Our focus on exports paid rich dividend and we have registered our highest turnover as well as profits ever. Going forward....we are particularly bullish on high-speed rail segment as well as solar energy segment, and the contribution from these would keep increasing steadily. Defence sector too will be a key focus area over the next few years," Mahesh Chandra Garg, Chairman, Goodluck India said.

During the year, the company's sales volume stood at 2,64,418 tonne as against 2,24,603 tonne in 2020-21.

Goodluck India has five manufacturing units at Sikandrabad (Uttar Pradesh) and one in Kutch (Gujarat) with a total installed capacity of 3,40,000 tonne per annum.

The company is in an expansion mode and will invest Rs 200 crore over 2-3 years to increase capacity to 5,00,000 tonne.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)