Team News Riveting
New Delhi, July 31
Prakash Industries Limited (PIL), a diversified company having interests in steel, power and mining, has registered a whopping growth of 107 per cent in the profit after tax (PAT) for the quarter ended June 30, 2023 over corresponding period of last fiscal.
The company announced the financial results for the first quarter of the financial year 2023-24; trudging down the growth trajectory in all the parameters. “During the quarter, the Company has achieved Net Sales of Rs 1013 crore and EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) of Rs 148 crore, reflecting growth of 13 per cent and 44 per cent respectively over the corresponding quarter of last financial year,” the company said in a regulatory filing.
Profit after Tax for the quarter also grew by 107 per cent on YoY (year-on-year) basis to Rs 89 crore, the company said, adding that EBITDA for the quarter includes profit of Rs 24 crore from sale of some assets. During the quarter, the Company has achieved sales volume growth of 32 per cent over the corresponding quarter of last financial year.
The operating margin of the PIL also improved from 11 .2 per cent to 11.6 per cent (YoY) owing to lower raw material cost and operational efficiencies.
The company informed that 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 during the third quarter of the current financial year. The mine shall go a long way in enhancing the profitability of the Company, PIL said.
Located in Chhattisgarh’s Surguja district, the Bhaskarpara Commercial Coal Mine has a geological reserve of 46.91 million tonnes of coal while PIL plans to extract one million tonne per annum.
