New Delhi, Delhi, India
Second Quarter Highlights
-- Sales/ Income from operations growth of 40% - to Rs. 330Crores in the second quarter
-- EBIDTA higher by 43% to Rs 68 Crores versus Rs 48 Cr year on year
-- PAT up by 74% to Rs 55 Cr versus Rs 31 Cr, year on year
-- EPS up by 74 %- Rs 5 in the second quarter
Prakash Industries Ltd, with core competence in mining, steel and power today announced its financial results for second quarter ended September 30, 2007.
During the quarter, company showed impressive results. Sales from operations has increased by 40%, to Rs 330 Crores as against Rs 235 Crores reported in the corresponding period last year. EBIDTA increased by 43 % and stood at Rs 68 crs in the second quarter of the current year as against Rs 48 Crs in the corresponding period last year. PAT is up by 74 % at Rs 55 Crs as against Rs 31Crs in the corresponding period in the previous year. Earning per share (EPS) up by 74% - Rs 5 in the second quarter as compared to Rs 2.87.
Prakash Industries Ltd. said:
"The second quarter is in line with our expectations where all our verticals performed well. The robust growth can be attributed to strong demand for steel from infrastructure and housing sector and resultant increased prices and has contributed as much as 80% to the revenues of the company . To cater to the increased demand, the company has also doubled the capacity of its structural mill.
The company is planning foray in the power sector and has firmed up plan to set up a 500 MW power plant for which MOU has been signed with Chhattisgarh Govt. The company is lining up with Central Govt. for allotment of coal block for the same and the financial closure is expected shortly".
Company has two coal blocks at Chotia and Madanpur in the state of Chhattisgarh. Operations of Chotia Coal mines was started in record time of 33 months. Company also has Iron Ore mines at Kawardha & Metabodali in the state of Chhattisgarh.
Company has always emphasized on the complete forward integration for the highest value addition and has setup production facilities for quality Sponge Iron, Power generation, Steel Billets / Blooms/ Ingots, Ferro Alloys, Steel Structural, Wire Rods and HB Wire. Today they are one of the largest player in the private sector for Steel Structural and Wire Rods.
The integrated Steel plant of the company is located at Champa in the state of Chhattisgarh. Company has installed state of the art technology equipments at Champa plant ensuring maximum production efficiency and with lowest cost of production. Company has Installed Waste Heat Recovery Boiler (WHRB) for utilization of waste hot gases of Sponge Iron Kiln in generating power , which is first of its type in the country. This project is based on the Clean Development Mechanism (CDM) defined under Kyoto Protocol and is part of company's efforts in reduction of the Green house gases. Company is also generating power in the Fluidized Bed Boilers using low calorific value wastes like coal fines, washery rejects & Coal Char.
Source: Prakash Industries Ltd (Business Wire India)
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