Maithan Alloys, manufacturers and exporters of niche value-added manganese alloy, has seen a 121 per cent jump in standalone net profit for the fourth quarter of FY17 (January-March) to Rs 102 crore over the corresponding quarter last fiscal.

Net profit for Q4 of the previous fiscal stood at Rs 46 crore.

Total income, however, saw a decline to Rs 475 crore, a nine per cent dip over Rs 522 crore it reported in the year-ago period.

For the full year, the company saw its net profit jump by over 150 per cent to Rs 198 crore (Rs 79 crore); while total income jumped by 17 per cent to Rs 1,342 crore (Rs 1,151 crore) on a year-on-year basis.

On a consolidated basis, net profit jumped 142 per cent to Rs 191 crore for FY17 against Rs 79 crore it reported in FY16. Turnover (consolidated) stood at Rs 1,342 crore.

Maithan Alloys manufactures ferro manganese, silicon manganese and ferro silicon from plants at Kalyaneswari (West Bengal), Visakhapatnam (Andhra Pradesh) and Ri-Bhoi (Meghalaya). It is also a provider of customised manganese alloys to large industries.

During the year, the company achieved a growth of 4 per cent in volume terms and 17 per cent in value terms with superior product range, technology upgrades and better capacity utilisation, it said in a release.

The substantial increase in PAT was due to rebounding of the metal industry since Q3, and power subsidies announced by various state governments and stabilisation of raw material prices in Q4, it further added.

The board of directors has recommended a dividend of Rs. 2.50 per share of Rs. 10 each for the financial year 2016-17, subject to shareholders approval.

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