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Monnet Ispat & Energy Ltd plans capital expenditure of around Rs 2,300 crore during the current fiscal for capacity expansion. Of this Rs 800 crore will go into expansion of steel capacity and Rs 1,500 crore in power plants.
The implementation of 1,050-MW power plant at Angul has been progressing well and the plant is expected to be operational in second half of fiscal 2014. The company has already started for tying up the debt for 660 MW proposed to be set up in the same location, Mr Sandeep Jajodia, Chairman and Managing Director, Monnet Ispat, said.
The company has registered a 8.52 per cent rise in net profits for the quarter-ended March 2012 on higher sales.
Net profits stood at Rs 83.09 crore on revenues of Rs 586.05 crore for March 2012 against net of Rs 76.57 crore on income of Rs 481.59 crore in corresponding last quarter.
Monnet shares ended 1.49 per cent down on the BSE at Rs 457.25 after the company announced the results.
“Slowdown in consumption is a big worry for us,” said Mr Jajodia commenting on the results. Mr Jajodia said production of products such as re-bars, plates and coils from its 1.5 million tonne per annum integrated plant at Raigarh will start from July onwards. The company will look at a pellet and coke plant next year, he said.
For the year-ended March 2012, the company reported a 9 per cent rise in profits at Rs 306.23 crore, while revenues were up 22 per cent at Rs 2063.55 crore.
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