Chennai, Oct 29 (PTI) Steel manufacturer Sumangala Steel Pvt Ltd is looking to garner revenue of Rs 1,000 crore during the current financial year, a senior company official said here on Saturday.

Also Read | Mexico GP 2022: Charles Leclerc Crashes As George Russell Takes the Lead in Second Practice.

The company reported revenue of Rs 679 crore in the last financial year, the steel firm's chairman and managing director Rajendran Sabanayagam said here.

Also Read | UKPSC Recruitment 2022: Vacancies Notified for 661 Assistant Accountants Posts, Apply Online at psc.uk.gov.in.

Talking to reporters, Sabanayagam said the company spearheaded the use of large induction furnaces in 1994 to produce steel belts and it has been the only supplier of steel billets in south India between 2002 and 2012.

The company also forayed into the production of high-quality TMT bars, he said and added that the company installed a 30 tonne induction furnace in 2019 to increase capacity to about two lakh tonne per year.

Sumangala Steel has over 600 employees and manufactures different grades of TMT such as 500D, 550 and 550D across all sizes from 8 mm to 32 mm, he said.

On future plans, the company's president Ashwin Sabanayagam said Sumangala Steel is aiming to enter the readymade steel segment with imported equipment from Italy and is also in the process to set up a modern scrap shredder to process end-of-life vehicles and white goods.

Towards this goal, an investment of about Rs 50 crore has been planned to enable the company report higher profitability, higher EBITDA (earnings before interest, taxes, depreciation, and amortisation) and achieve sales of Rs 1,500 crore over the next 24 months, he added.

(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)