Demand expected to come from automotive segment: Mukand

Product development, improvement in the steel industry as well as controlled costs aided the growth in first quarter of FY17, says Rajesh Shah, Co-Chairman & MD of Mukand. The steel manufacturer reported a net profit of Rs 10.3 crore as against a loss of Rs 5.7 crore year-on-year (Y-o-Y) while its total income fell 0.6 percent to Rs 677.6 crore. Operating margins improved to 14 percent in the first quarter. Of the total turnover, 30 percent comes from stainless steel and rest from alloy. The company’s high-end specialized products contribute 27 percent to turnover, which aided margin expansion in Q1. The company is working at 100 percent capacity utilization and expects growth to come in from strengthening automotive and motorcycle segment. Watch video for more..