Sanghi Industries 2QFY13 sales up 26%

Sanghi Industries reported a 26 per cent rise in turnover for the second quarter of the year ended 31 December to INR286.3 crore.

According to reports in the Business Standard of India, Sanghi Cement's net profit rose to INR21.6 crore in the second quarter as against a net profit of INR3 crore in the corresponding quarter of the previous fiscal. For the first half of the year, net profit stood at INR 39.8 crore against a net loss of INR 34.3 crore in the first half of the last year.

Commenting on the financial performance of the company, Alok Sanghi, director of Sanghi Industries, said: “The company is focusing on reducing transportation costs and energy costs, which is not only helping in earning profit, but also improving margins. Also with debt reduction for the current fiscal on target, interest burden is being lowered, which is further helping the company in boosting profits. ”

Sanghi Cement plans to reduce debt by around INR100 crore through internal accruals in the current fiscal ending 30 June 2013. The company is “progressing well” on this target, Mr Sanghi notes, and it is hopeful of over achieving this target by the end of this fiscal.