Team News Riveting
Raipur, February 4
Prakash Industries Limited (PIL), a diversified company having interests in steel, power and mining, has registered a growth of 166 per cent in the Profit after Tax (PAT) for the nine months of the financial year 2021-22 (FY22) ended December 31, 2021 compared to corresponding period of last fiscal.
The company cloaked a PAT of Rs 116 crore during the nine months or the first three quarters of the current financial year.
The Board of Directors of the company in its meeting held on Friday approved the financial results for the quarter and nine months ended December 31, 2021. During the quarter, the Company has achieved net sales of Rs 847 crore, EBITDA of Rs 90 crore and PAT of Rs 32 crore. During the nine months ended 31st December, 2021, the Company has achieved net sales of Rs 2771 crore and EBITDA of Rs 290 crore, reflecting growth of 27 per cent and 34 per cent respectively over the corresponding period of last financial year.
Profit after Tax for the nine months ended 31st December, 2021 also grew by 166 per cent on YoY (year-on-year) basis to Rs 116 crore, the company said.
The Company mined 2.12 lakh tonnes of Iron Ore from its Sirkaguttu mine, Odisha during the quarter, up by 18 per cent over corresponding quarter of last financial year. The mining plan of this mine has been enhanced to 10 lakh tonnes per annum, which shall result in higher extraction in the coming times, thereby further improving the margins of the Company.
PIL has secured Long Term Coal Linkages of 10.06 lakh tonnes per annum for next 5 years in the coal linkage auction conducted by Coal India Limited. These linkages will insulate the Company against the volatility in the coal prices and thus provide long term stability to the operations of the Company and improve its operating and financial performance.
The Company was awarded the Vesting Order for Bhaskarpara Coal Block, in its favour from the Nominated Authority, Ministry of Coal on 18th November, 2021. The Company is taking all effective steps to start mining in FY2024, which shall come as a great respite in the current scenario which is marked by global coal shortage. This being a commercial mine shall boost revenue and profitability through sale of coal in the open market.
