Team News Riveting
New Delhi, May 16
Prakash Industries Limited (PIL), a diversified company having interests in steel, power and mining, has announced the financial results for the quarter and year ended March 31, 2023; registering a growth of 13 per cent in the profit amidst severe challenges.
“During the year ended 31st March, 2023, the Company has achieved Net Sales of Rs 3444 crore, Earnings Before Interest, Taxes, Depreciation, and Amortisation or EBITDA of Rs 425 crore and Profit after Tax (PAT) of Rs 190 crore,” the company said in a regulatory filing.
The PAT has surged by 13 per cent compared to previous year’s Rs 168 crore. The EBITDA also registered growth of 6 per cent compared to previous financial year.
The company said during the financial year 2022-2023, the global and domestic outlook continued to remain uncertain due to the ongoing Russia- Ukraine conflict and monetary policy tightening by major economies in the world. Despite all these factors, the Company was able to achieve growth in its EBITDA margin. The EBITDA margin grew from 10 per cent to 12 per cent largely owing to lower coal cost on account of higher supplies from Long Term Coal Linkages, the company said.
Consequent to the grant of Vesting Order for Bhaskarpara Commercial Coal Mine by the Ministry of Coal, the Public Hearing for Environmental Clearance was successfully conducted and the Mining Lease is expected to be executed in favour of the Company by end of the second quarter of FY 2024. The Company expects to commence the coal extraction from the mine by the end of FY 2024. This mine shall go a long way in enhancing the profitability of the Company.
The Company has further secured long term coal linkages of over 10 Lakh MT per annum for next 5 years in the coal linkage auction concluded recently by Coal India Limited. With this, the total coal linkages from Coal India had increased to over 22 Lakh MT per annum majorly covering the coal requirements and insulating the Company against the volatility in the coal prices. These linkages shall provide stability to the operations and further improve financial performance of the Company.
