Team News Riveting
Raipur, February 13
Chhattisgarh-based Sarda Energy and Minerals Limited (SEML) has reported a 18 per cent year-on-year (YoY) decline in its consolidated profit after tax (PAT) during the first nine months of the current fiscal (9MFY23).
The company disclosed the results of the third quarter (Q3) and 9MFY23 that ended December 31, 2022 at the Investor Presentation. It reported a consolidated profit of Rs 489 crore after paying the taxes in 9MFY23 that was 18 per cent less compared to Rs 600 crore PAT earned during 9MFY22.
The Q3FY23 results were also not encouraging for the company as its PAT dipped 23 per cent to Rs 130 crore compared to Rs 169 crore profit pegged during the corresponding period of the previous financial year. Though SEML’s income during the Q3 dropped by 3 per cent, it reported an increase of 10 per cent in the 9MFY23 compared to the previous year’s corresponding period.
On the ongoing projects, SEML has updated that it has commissioned 36 MVA of new capacity at the Vizag facility on December 15, 2022, ahead of schedule. Consequently, the total Ferro Alloys capacity (at consolidated level) has increased from 111 MVA to 147 MVA.
The company has received mining plan approval for capacity expansion of the Gare Palma IV/7 coal mine in Chhattisgarh from 1.2 MTPA to 1.8 MTPA. SEML has started the construction work of 24.9 MW Rehar hydropower project and expected to achieve commercial operation date (COD) in the financial year 2024-25.
