Gallantt Ispat's Q4 (Jan-March) net profit rose 75.6 percent at Rs 7.2 crore versus Rs 4.1 crore, in the same quarter last year.
The Uttar Pradesh government will acquire 13,500 square feet of Gallantt Ispat's plot for metro rail project at Gorakhpur.
In an interview to CNBC-TV18, Mayank Agrawal, CEO of Gallantt Ispat spoke about the results and his outlook for the company.
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"We are planning to sell-off both these subsidiaries and we aim at raising about Rs 40 crore of capital through this sale subject to board of directors' approval", Mayank Agrawal, CEO of Gallantt Ispat told CNBC-TV18.
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Gallantt Ispat has reported a sales total income from operations of Rs 117.35 crore and a net profit of Rs 15.45 crore for the quarter ended Jun '16
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In an interview with CNBC-TV18, Gallant Ispat CEO Mayank Agrawal explained the rationale behind the decision.
"Board of directors decided that project expansion will be funded by internal accruals including amount of subsidy to be disbursed by state government to the company," says the UP-based metal company.
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Gallantt Ispat has reported a sales total income from operations of Rs 142.82 crore and a net profit of Rs 8.17 crore for the quarter ended Dec '15