Secondary steel producer Steel Exchange India Ltd reported a 14 per cent increase in its net profit for the quarter ended March 31. Its profit for the quarter touched Rs 23.80 crore, up from Rs 20.99 crore in the year-ago period. Its revenue for the period increased 16 per cent at Rs 494.42 crore (Rs 425.68 crore).
The company is an offshoot of Vizag Profiles, a steel trading company that later transformed into a steel maker. It later acquired Simhadri Steels and set up an ingot manufacturing unit at Kothapeta.