Maithan Alloys Ltd manufacturers and exporters of value-added Manganese Alloys, today reported a net profit of Rs 59.2 crore in the Q1 period ended June 17', up 212 per cent over the corresponding quarter profit of Rs 18.9 crore of 2016-17.
Turnover during the quarter was Rs 444.6 crore against Rs 271.4 crore registered in the same period of FY17', company officials said.
Revenue grew by 64 per cent YoY mainly on account of higher average price realisations, company CMD S C Agarwalla said.
"Our guidance to achieve operating profits between 15-17 per cent over the next few years remains intact. We are well placed to capitalise the ongoing upturn in the steel industry through our highest value addition and strong client base. The company's ability to manufacture ferro alloys at the lowest cost gives us a competitive edge," he said.
The recent National Steel Policy 2017 to increase steel manufacturing capacity to 300 million tonnes by 2030 will drive the ferro alloy demand in India.
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