Team News Riveting
New Delhi, August 12
Steel and Mining major Prakash Industries Limited has achieved net sales of Rs 1167 crore in the first quarter of the financial year 2024-25 as against Rs1013 crore in the corresponding quarter of the last financial year, registering growth of 15 per cent.
Operating Profit for the quarter increased to Rs 132 crore as against Rs 118 crore in the corresponding quarter of the last financial year registering growth of 12 per cent. Profit after Tax increased to Rs 90 crore as against Rs 89 crore in the corresponding quarter of the last financial year.
However, Profit after Tax of Rs 89 crore in the corresponding quarter of the last financial year included profit of Rs 24 crore from sale of some assets.
Further, during the quarter, the Company has achieved sales volume growth of 19 per cent over the corresponding quarter of last financial year. Going forward, the Company expects further higher volume growth in the ensuing quarters due to push in demand from infrastructure, construction and other key sectors.
Bhaskarpara Commercial Coal Mine Pursuant to the grant of Final I Stage-II approval by the Ministry of Environment, Forest and Climate Change, Government of India, now the Ministry of Forest & Climate Change, State Government of Chhattisgarh has also granted its Final approval for Bhaskarpara Commercial Coal Mine.
The Permission to Establish is already in place from the Chhattisgarh Environment Conservation Board and the development of the mine is progressing fast. The Mining Lease is now likely to be executed very soon.
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
