Monnet Ispat posts 19% jump in Q1 net profit to Rs 73 cr
Leading sponge iron manufacturer Monnet Ispat and Energy today reported a 18.72 per cent jump in net profit to Rs 72.71 crore for the April-June quarter, compared to Rs 61.24 crore for the same period in 2009-10.
Net sales of the company stood at Rs 420.38 crore for the quarter ended June 30, 2010, vis-a-vis Rs 356.15 crore in the first quarter of the previous fiscal, the company said in a filing to the stock exchanges.
Last month, the company had sold a 12.5 per cent stake in its subsidiary, Monnet Power Company, to US-based Blackstone Group for Rs 275 crore.
Shares of the company were being traded at Rs 474.90 per piece, up 3.37 per cent from the previous close.