Team News Riveting
Raipur, October 25
Prakash Industries Limited, a diversified company in steel, mining and power, has achieved net sales of Rs 894 crore and EBITDA of Rs 101 crore in the quarter ended September, reflecting growth of 17 per cent and 55 per cent respectively over the corresponding quarter of last financial year.
Profit after Tax for the quarter also grew by 371 per cent on year-on-year (YoY) basis to Rs 43 crore. During the Half year ended 30th September, 2021, the Company has achieved Net Sales of Rs 1924 crore and EBITDA of Rs 200 crore, reflecting growth of 49 per cent and 58 per cent respectively over the corresponding period of last financial year, the company said in a regulatory filing today.
Profit after Tax for the half year ended 30th September, 2021 also grew by 579 per cent on YoY basis to Rs 84 crore.
The Company has mined 1.8 lakh tonnes of Iron Ore from its Sirkaguttu mine, Odisha during the quarter, up by 112 per cent over corresponding quarter of last financial year. The Company plans to further enhance the production capacity in the following quarters which shall also contribute significantly to the margins of the Company.
The Company has been declared as the “Successful Bidder” in respect of Bhaskarpara Coal Mine in the 12th tranche of auction of Coal Mines under Coal Mines (Special Provisions) Act, 2015 for commercial mining. The coal extracted from the mine could be used for captive consumption as well as for commercial sale. The timely opening of the mine shall come as a great respite in the current scenario marked by global coal crises and spiralling prices, thereby resulting in uninterrupted supplies of coal and significant gains to the Company.
