Prakash Industries Ltd Share Price – NSE  /  BSE

Steel, Small Cap

Net profit of Prakash Industries rose 77.95% to Rs 80.56 crore in the quarter ended December 2023 as against Rs 45.27 crore during the previous quarter ended December 2022. Sales rose 16.34% to Rs 885.07 crore in the quarter ended December 2023 as against Rs 760.78 crore during the previous quarter ended December 2022.

Powered by Capital Market - Live News

Prakash Industries will hold a meeting of the Board of Directors of the Company on 9 February 2024.

Powered by Capital Market - Live News

The company stated that it has recently paid Rs 23.25 crore towards net present value (NPV) of diverted forest land and Rs 35.12 crore towards premium of land to be transferred to Forest Department for compensatory afforestation with respect to Bhaskarpara Commercial Coal Mine.

Further, the In-principle Stage-I approval under the Forest (Conservation) Act, 1980 and Environmental Clearance (EC) for the said mine is already in place.

The development of the said mine is progressing fast and the Mining Lease is likely to be executed in this quarter, the company informed in a statement filed with the domestic bourses.

Prakash Industries is an integrated manufacturer of finished steel products using the direct reduction iron (DRI) route.

The company had reported neither a profit nor a loss in Q2 FY24. It had recorded a PAT of Rs 0.60 crore during the previous quarter ended September 2022. Sales rose 29.93% to Rs 30.04 crore in Q2 FY24 over Q2 FY23.

Powered by Capital Market - Live News

Prakash Industries has made payment of Rs. 35.12 crore to the Office of Collector, Janjgir-Champa, Chhattisgarh State Government, towards premium of land to be transferred to Forest Department for Compensatory Afforestation in lieu of forest land with respect to Bhaskarpara Commercial Coal Mine in Chhattisgarh.

As informed earlier, the In-principle Stage-I approval under the Forest (Conservation) Act, 1980 and Environmental Clearance (EC) for the said mine is already in place.

The development of the said mine is progressing fast and the Mining lease is likely to be executed in the next quarter. The supplies of coal from this mine shall provide stability to the Company's Integrated Steel operations as well as significant cost reductions. Further, this being a commercial mine, it shall also boost the revenue and the profitability through sale of coal in the open market.

Powered by Capital Market - Live News