Financial Daily from THE HINDU group of publications
Saturday, Jan 21, 2006
Financial Daily from THE HINDU group of publications Saturday, Jan 21, 2006 |
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Corporate Results
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Steel Mukand net rises 43 pc Our Bureau
MUMBAI: Mukand Ltd, speciality and alloy steel manufacturer, has recorded a 43 per cent increase in its December 2005 quarter profit after tax at Rs 88.70 crore (Rs 61.85 crore). An exceptional item of Rs 69.85 crore helped the increase in profit. The exceptional item was pertaining to the sale of its Kurla plant at Rs 221 crore. The profit from this sale stood at Rs 213 crore but as the land was under revaluation reserve an amount of Rs 109 crore goes to the company's balance sheet, Mr Niraj Bajaj, Managing Director, Mukand Ltd, told Business Line. Besides, the company also incurred lower raw material cost as it manufactured at the low cost facility at Hosbet. "Production at the Hosbet plant is through the blast furnace route, which is a low cost manufacturing method. We had a record production at Hosbet," Mr Bajaj said. Net sales for the quarter stood at Rs 414.63 crore (Rs 426.12 crore). Mr Bajaj attributed the flat topline growth to the fact that the company's focus was on profitability. The company would continue to focus on bottomline growth, he said. At present, the company is investing Rs 120 crore for capacity expansion at Ginigera and Dighe plants. This investment is being fully financed through internal accruals. Shares of Mukand ended at Rs 83.70 on the BSE on Friday.
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