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Our Bureau

Turnover up 49 pc at Rs 180.24 crore

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Kolkata Jan. 24

Monnet Ispat and Energy Ltd, for the quarter ended December 31, 2006, has recorded a 43.7 per cent increase in its net profit at Rs 43.17 crore, against the Rs 30.04 crore achieved for the same quarter of last fiscal.

The turnover for the quarter, at Rs 180.24 crore (Rs 120.91 crore), has registered a growth of 49 per cent. The cash profit for the period under review is placed at Rs 55.81 crore. EPS for the quarter stood at Rs 12.57.

Expansion work

According to an official release by the company hereon Wednesday, work on the power plant, of additional 15 MW, for taking the total capacity to 60 MW and Structural Steel Mill of 2,00,000 TPA, both at Raipur, has been completed and operations are expected to commence in the current quarter.

Work on the five lakh-tonne per annum sponge iron plant at Raigarh is expected to be completed in the current quarter, and the 90-MW power project at Raigarh is scheduled for completion in the first quarter of the 2008-09 financial year.

Shift to energy

Emphasising the company's shift to energy from steel-making, Monnet Ispat has signed an MoU with the Orissa Government for setting up a 1,000-MW power plant at an estimated cost of Rs 4,200 crore. The pithead power plant will come up in the Angul district of Orissa.

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