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Steel maker Prakash Industries Ltd reported a two per cent profit growth for the June quarter while its sales grew by 7.3 per cent. The company reported a net profit of Rs 71.1 crore on revenue of Rs 498.5 crore for the June quarter this year as against a net profit of Rs 69.7 crore on revenue of Rs 464.5 crore in corresponding last quarter.
Prakash Industries said that its June quarter performance was satisfactory despite the volatility in raw material prices during the quarter. Sponge iron production grew 23 per cent during the quarter, while power generation was up 9 per cent, it said.
Shares of Prakash Industries ended marginally lower at Rs 57 on the BSE on Thursday. Besides expanding its steel capacity, the company is diversifying into power generation and is in the process of setting up a 625 MW power plant in Chhattisgarh in phases. It also plans to set up an additional sponge iron kiln, which would be commissioned by end of second quarter.
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