Solar Industries Q1FY18 Net Profit up 16.28% to Rs. 54.78 Cr

NAGPUR:
Solar Industries India Ltd (SIIL), the country’s largest manufacturer and exporter of industrial explosives and initiating systems, today reported its financial results for the first quarter ended June, 2017.
The company’s net profit jumped by 16.28% to 54.78 crore during Apr-June 2017 quarter as compared to Rs. 47.11 crore of the corresponding quarter last financial year. Net sales during Q1FY18 grew 15.79% to Rs. 466.65 crore as compared to Rs. 403.02 crore for the same quarter last year. EBITDA for the quarter rose 15% to Rs. 103.46 crore compared to Rs. 89.96 crore for Q1FY17. The EBIDTA margin for the current quarter is 22.17%.
Manish Nuwal, Managing Director & CEO, Solar Industries India Ltd, has expressed satisfaction over the quarterly performance. “Sales from international markets has been instrumental in growth for this quarter and its in-line with the target of achieving three-fold increase in international sales by 2020”.
Nuwal further added, “Expected demand did not come from mining and housing sector resulting in lower growth in Indian market, But we hope the same will pick up from 3rd Quarter.” We also expect revenue from defense segment to cross Rs.100 Cr in the current financial year.