Monnet Ispat & Energy on Wednesday reported 23 per cent decline in stand alone net profit at Rs 52.5 crore for the quarter ended June 30 due to a drop in sales.
The company had reported a stand alone net profit of Rs 68.50 crore in the corresponding quarter of last fiscal, the company said in a filing to BSE.
Net sales of the company were down by 9.7 per cent to Rs 469.8 crore from Rs 520.6 crore in the same period of the previous fiscal, the company said.
The total expenses of the company dipped to Rs 391.8 crore from Rs 412 crore in the same quarter of the last financial year.
“The company does not have any exceptional or extraordinary item to report,” the domestic steel firm said. Monnet Ispat & Energy had earlier raised Rs 175 crore by issuing shares on preferential basis.
Monnet Ispat and Energy is actively considering scrapping its proposed 1.5 million tonnes plant in Jharkhand.
The sponge iron and power producer has proposed 1.5 million tonnes per annum (MTPA) greenfield steel plant in Jharkhand. It is now considering withdrawing the plans for want of raw material, water and land.
The shares of the company closed at Rs 102.75 a piece on BSE, up 1.88 per cent from the previous close.