Team News Riveting
New Delhi, November 7
Prakash Industries Limited (PIL), a diversified company having interests in steel, power and mining, has posted over 100 per cent year-on-year (YoY) growth during the second quarter (Q2) and first half (HI) of the financial year 2023-24.
During the quarter, the Company has achieved net sales of Rs 889 crore and EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) of Rs 144 crore, reflecting growth of 14 per cent and 37 per cent respectively over the corresponding quarter of last financial year,” PIL said in a regulatory filing today. Profit after Tax for the quarter also grew by 103 per cent on YoY basis to Rs 89 crore, the company said. The EBITDA for the quarter includes Profit of Rs 11 crore from sale of some assets.
During the quarter, the Company has achieved sales volume growth of 28 per cent over the corresponding quarter of last financial year. The operating margin also grew from 13 per cent to 14 per cent (YoY) owing to softening of raw material cost and continuing operational efficiencies.
During the (HI), the company has achieved net sales of Rs 1902 crore and EBITDA of Rs 292 crore, reflecting growth of 14 per cent and 40 per cent respectively over the corresponding period of last financial year. Profit after Tax for the period also grew by 105 per cent on YoY basis to Rs 179 crore resulting an Earning Per Share (EPS) of Rs 10. EBITDA for the period includes Profit of Rs 35 crore from sale of some assets.
During the quarter, the Company received the in-principle Stage-I approval under the Forest (Conservation) Act, 1980 and also the Environmental Clearance (EC) from the Ministry of Environment, Forest and Climate Change, Government of India for the Bhaskarpara Commercial Coal Mine. The progress of the said mine is fast underway and the Mining lease is likely to be executed by the next quarter.
The supplies of coal from this mine shall provide stability to the Company’s Integrated Steel operations as well as result in significant cost reductions. Additionally, this being a commercial mine, it shall also boost the revenue and the profitability through sale of coal in the open market.
