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New Delhi, July 28

Monnet Ispat and Energy Ltd (MIEL) on Monday reported a net profit of Rs 70.32 crore for the first quarter of the current fiscal, up 52.7 per cent over Rs 46.04 crore recorded in the same quarter last fiscal. The company’s total income was Rs. 383.30 crore, an increase of 61 per cent over the same quarter of last year, according to a company release. MIEL has taken over the management control of Chhattisgarh-based Rameshwaram Steel & Power Pvt Ltd by acquiring 97 per cent equity at a cost of Rs 36.13 crore besides taking over liabilities of Rs 49 crore. According to the Vice Chairman & Managing Director of the company, Mr Sandeep Jajodia, “In the coming years, the company will be more focused on the energy business. In the future, 55 per cent of the revenues will come from the energy business and the rest from steel.” Monnet has increased its total power generation capacity for captive use to 150 MW during the quarter and added another 0.50 million tonnes of sponge iron capacity during the period making it the second largest coal-based sponge iron producer in the country, the release added.

– Our Bureau

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