Domestic steel maker Prakash Industries posted a 30% rise in its net profit at INR 266 crore in the 2009-10 fiscal on the back of higher production, demand and cost reduction in its operations.
Prakash Industries in a statement said that "It has reported highest ever net profit of INR 266 crore for the FY'10 as against INR 204 crore in FY'09 mainly driven by marked improvement in capacity utilisation, higher integration and resultantly reduced cost.”
For the financial year 2009-10, the company said its net sales stood at INR 1,568 crore as against INR 1,526 crore in FY'09. it added that "The company has achieved growth of more than 22% in its sales volumes compared to the previous year which helped the firm to improve its operating margins.”
Mr V P Agarwal CMD of Prakash Industries said that "The strong financial performance is the result of improved production levels and efficiencies and greater level of integration that we have achieved. We expect the trends to continue going forward."
He added that the company has chalked out INR 3,300 crore expansion and diversification program for the next five years.
(Sourced from Press Trust of India)
Monday, May 31, 2010
Prakash Industries net in 2009-10 up by 30pct
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