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Varun Industries, which has diverse interest in steelware exports, oil and gas, besides mines and minerals, has reported that its net profit in the June quarter was up 59 per cent at Rs 19 crore (Rs 12 crore). Its income more than doubled to Rs 929 crore (Rs 408 crore).
Mr Kiran Mehta, Chairman and Managing Director, Varun Industries, said the growth in stainless steelware business was phenomenal and the plans to increase the global footprint will help the company improve its financials in the coming days.
“We intend to unlock the value of our Madagascar assets by setting a processing plant for rare earth mines and route the rare earth concentrate to India,” he added.
EBITDA for the quarter increased by 23 per cent to Rs 48 crore (Rs 39 crore) in the quarter under review.
The Group, through its overseas subsidiary Varun Energy Corporation, has discovered 10 blocks of rare earth deposit in Madagascar having reserves of about 266.8 million tonnes.
Varun Energy Corporation, Madagascar had recently entered into a Memorandum of Understanding with a PSU under Department of Atomic Energy to sell the entire Heavy Mineral Concentrate.
The company's shares on BSE were up 0.48 per cent at Rs 249 on Thursday.
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