MSP Steel Q4 net surges on higher sales, pellet plant focus
MSP Steel & Power fourth-quarter (January-March) net profit surged 57% to Rs 50.21 crore on higher net sales. The company said its profit margins improved following its focus on high value added rolled products.
Moneycontrol Bureau
MSP Steel & Power fourth-quarter (January-March) net profit surged 57% to Rs 50.21 crore on higher net sales. The company said its profit margins improved following its focus on high value added rolled products.Net sales during the quarter under review rose 23% to Rs 477.47 crore, the company said in a press release to the stock exchanges Tuesday."Iron ore and iron ore fines prices increased significantly during the last few quarters, which constrained our profit after tax to Rs 50.21 crore," said Suresh Agrawal, managing director of MSP Steel.The recent commissioning of the 18 mega watt power plant and 115500 million tone per annum sponge iron plant will be the key driver for future growth, he added.MSP Steel also said that its 0.6 million MT iron ore pelletisation plant and 34 mega watt power plant is expected to be commissioned and become operational in third quarter of the current financial year."We expect to benefit directly from the continued strong demand of steel in the construction and infrastructure sector as prices of steel products are also expected to increase to reflect the raw material cost pressures experiences during the last quarter and this would contribute significantly to the profitability," said Suresh Agrawal.At 1:30 hrs, shares of MSP Steel & Power were trading at Rs 52.50, up 4% on the Bombay Stock Exchange. 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!
