Press Trust of India / Mumbai Oct 20, 2009, 13:30 IST
Prakash Industries, engaged in steel, mining and power businesses, today reported a 40 per cent growth in net profit at Rs 67.80 crore for the second quarter ended September.
However, net sales of the company fell to Rs 377.43 crore in the latest quarter from Rs 474.45 crore of the same period last year, Prakash Industries said in a filing to the Bombay Stock Exchange (BSE).
For the half-year ended September 30, the company posted a net profit of Rs 126.39 crore, up 9.67 per cent compared to Rs 115.24 crore of the same period last fiscal.
"We attribute this strong performance to the highest ever production volumes achieved by us in our steel operations," Prakash Industries CMD VP Aggarwal said.
The company recently raised $50 million (about Rs 230 crore) by issuing foreign currency convertible bonds (FCCBs) for part funding the proposed expansion plans.
It has taken up expansion in its existing power generation capacity by 625 mega watt.
Shares of Prakash Industries were trading at Rs 154.60, up 1.28 per cent in the afternoon trade on the BSE.
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