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Our Bureau

Mumbai, May 21 Speciality steelmaker Mukand Ltd has posted an 83.60 per cent drop in net profit at Rs 5.93 crore for the quarter ended March 31, 2008, against Rs 36.15 crore logged in the same period last year.

Sales rose 12.76 per cent to Rs 611 crore (Rs 542 crore). Total expenditure was up 17.35 per cent at Rs 498 crore (Rs 425 crore).

Mr Rajesh Shah, Co-Chairman and Managing Director, Mukand Ltd, said the margins of steel division were under pressure on account of steep increase in the cost of major inputs such as metallurgical coke, iron ore, melting scrap, ferrochrome, molybdenum and furnace oil.

Net profit of Mukand declined 43.99 per cent to Rs 52.24 crore in the year ended March 2008 as against Rs 93.27 crore during the previous year. Sales rose 6.43 per cent to Rs 1,926.79 crore (Rs 1,810.45 crore).

There was a 27 per cent increase in the export revenue at Rs 175 crore in the year under review.

The company is setting up a 15-MW captive power plant at Ginigera, Karnataka, at a cost of Rs 54 crore and it is expected to be commissioned in the third quarter of this year.

Mukand Ltd has proposed a dividend of Re 1 per share (Rs 10 face value).

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