Business Daily from THE HINDU group of publications
Thursday, Nov 02, 2006
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Business Daily from THE HINDU group of publications Thursday, Nov 02, 2006 ePaper |
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Corporate Results
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Steel Mukand Q2 net up 60 pc Our Bureau
Mumbai , Nov. 1 Specialty steel manufacturer Mukand Ltd has reported a 60 per cent increase in net profit for the second quarter of the current financial year to Rs 25.15 crore against Rs 15.67 crore in the corresponding period last year. During the quarter, the company's turnover was Rs 534 crore (Rs 434 crore), registering a 23 per cent increase. Mr Niraj Bajaj, Managing Director of the company, expected the market for value-added steel products to be positive for the rest of the financial year. "We are implementing a expansion programme that will focus on further value-addition for our products," he told Business Line. The company is implementing a Rs 300-crore expansion programme for the current and next financial years, which would double its capacity from the current level of three lakh tonnes per annum. The expansion is being funded from the company's internal accruals. He said the expansion was mostly brown-field, which required relatively lesser investment. For a greenfield project, the investment would be about Rs 30,000 per tonne; but for brown-field expansion, the investment would not be more than Rs 9,000 per tonne. He said specialty and value-added steel fetched better margins than regular steel. For example, alloy steel fetched a price of Rs 40,000 per tonne, while industrial stainless steel got a return of Rs 85,000 per tonne.
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