Goodluck India Reports 33% Profit Surge in Q4

29 May 2024 CW Team

Goodluck India, a leading steel manufacturer, announced a significant 33% surge in its consolidated net profit for the March quarter, reaching Rs 372.1 million. This remarkable performance was attributed to heightened revenues during the period. The company disclosed its financial results in an exchange filing.

The total income of Goodluck India witnessed a notable uptick, rising to Rs 9.11 billion in the January-March period from Rs 7.66 billion in the corresponding period last year. However, expenses also increased, reaching Rs 8.60 billion compared to Rs 7.30 billion in January-March FY23.

For the entire fiscal year 2023-24, the company reported a profit of Rs 1.32 billion, marking a substantial increase from Rs 8.78 billion in the preceding fiscal year.

M C Garg, Chairman of Goodluck India, expressed satisfaction over the company's performance despite adverse geopolitical and market conditions. Garg stated, In spite of adverse geo-political conditions & tough market conditions, the company has succeeded in achieving growth by reshuffling the product mix and the market mix. He also highlighted robust demand growth contributing to volume sales, citing the recent supply and fabrication of steel bridges for the high-speed bullet train project.

The company's Board of Directors has approved a final dividend of Re 1 for the financial year 2023-24, subject to shareholder approval at the upcoming Annual General Meeting.

Goodluck India specializes in manufacturing a diverse range of engineered steel structures, precision/auto tubes, forging for defence and aerospace, CR (Cold Rolled) products, and GI (Galvanised Iron) pipes. This diversified product portfolio enables the company to cater to various sectors, enhancing its resilience in dynamic market conditions.

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