The Hindu Business Line : Monnet Ispat announces 25% interim

The company reported a 104 per cent increase in net sales to Rs 380.64 crore for the January-March 2008 quarter against Rs 186.45 crore in the same quarter of the previous fiscal.

The company’s net profit after deferred taxation stood at Rs 57.20 crore (Rs 42.79 crore) for the quarter, marking an increase of 34 per cent.

The net sales in the current quarter include an income of Rs 47 crore earned from export of iron ore fines.

Monnet Ispat has completed the commissioning of 0.50 million tonnes of sponge iron plant during the year and installed 90 MW new power generating capacity in Raigarh during the year taking the total power generation capacity to 150 MW.

Energy focus

According to the company’s Vice-Chairman and Managing Director, Mr Sandeep Jajodia, “In the coming years, the company will be focused more on the energy business rather than steel.”

“In the future, 55 per cent of the revenues will come from the energy business and the rest from steel,” Mr Jajodia said.

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