Gujarat NRE Coke turns profitable with Q4 net at Rs 5.2cr
Gujarat NRE Coke's annual profit (FY13) grew 10 times to Rs 30.97 crore from Rs 3.09 crore reported in FY12.
Met coke producer Gujarat NRE Coke turned profitable after it posted net profit of Rs 5.2 crore in the fourth quarter (January-March) against a net loss of Rs 45.5 crore, a year ago.
However, its total income from operations declined slightly from Rs 330.4 crore to Rs 328 crore year-on-year.Other income increased from Rs 4.23 crore to Rs 5.76 crore during the fourth quarter. Finance cost jumped to Rs 63.13 crore in January-March quarter from Rs 46 crore in corresponding quarter of last fiscal.Gujarat NRE Coke allotted 50 lakh equity shares of Rs 10 each at a premium of Rs 11.08 per share to Mangal Crystal Coke Private Limited (which holds 7.9 percent stake in the company) upon conversion of warrants. Meanwhile, annual profit (FY13) of the company grew 10 times to Rs 30.97 crore from Rs 3.09 crore reported in FY12."The iron ore mining permission would certainly be a breather for the steel industry in South India, many of whom are our customers," Arum Kumar Jagatramka said.At 10:04 hours IST, the stock rose 1.47 percent to Rs 17.30 on Bombay Stock Exchange.Also Read - Jindal to expand steel output, buy mines in West Africa Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
