Monnet Ispat has reported a 6.35 per cent drop in net profit for the June quarter on higher interest costs. This is despite a 23 per cent rise in sales during the period.
The company has reported a net profit of Rs 68.50 crore on revenue of Rs 526.48 crore.
In the corresponding period last quarter, the company had reported a net profit of Rs 73.15 crore on revenue of Rs 427.17 crore.
“Lower realisations from sponge iron and power have put pressure on bottom line during the quarter,’’ said Sandeep Jajodia, Chairman and Managing Director, Monnet Ispat.
The Monnet scrip was trading at Rs 308.8 marginally lower towards the end of trade.