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Over 25 mt of steel is produced every year on induction furnaces manufactured by Electrotherm, established in 1982, and supplied in 52 different countries around the world. The company achieved gross integrated sales of Rs.46.81 billion in FY18-19, registering a growth of 31.66 per cent over the previous year. Shailesh Bhandari, Managing Director, Electrotherm India, shares more…One major challenge faced in FY2018-19: The company increased its steel and TMT manufacturing capacity in FY17-18. However, 2018-19 was turning out to be a slow year with respect to steel demand. Also, the demand was shifting from lower-quality grades like Fe500 to more critical grades like Fe500D and Fe550D. More demand was coming from the infrastructure sector where, traditionally, the company did not have a strong presence. The company initiated major sales and marketing efforts to position itself in the infrastructure material supplies space and the team worked hard to put various government approvals in place. This helped the company increase its TMT bars sale from 400,642 tonne to 526,900 tonne, an increase of 31.51 per cent in a slow market. One decision you consider the biggest contributor to the company’s growth in FY2018-19: The company saw major demand coming from critical infra projects for products like epoxy-coated TMT bars, especially in the Mumbai region (costal belt). There was no integrated producer in the country of these coated bars. The company set up its epoxy-coated plant with India’s first BIS certification. The sale of epoxy bars alone contributed to Rs.1.07 billion in FY18-19 and helped the company capture a completely new market where it did not have a presence earlier.