Prakash Ind Q1 net marginally up at Rs 71 cr

Steel manufacturer Prakash Industries today reported a 2% jump in its net profit at Rs 71.1 crore for the first quarter ended June 30.

The company had posted a net profit of Rs 69.6 crore in the April-June period of the previous financial year, the company said in a statement.

The income from operations in the first quarter of the current fiscal increased to Rs 498.5 crore over Rs 464.4 crore for the corresponding period of 2010-11 fiscal, it said.

The domestic steel maker said the performance of its integrated steel unit had been satisfactory although there was volatility in the market during the quarter.

Its sponge iron production grew by about 23% while power generation went up by 9%, the statement said.

Talking about its future outlook, Prakash Industries said that it was mulling to diversify into power sector and was setting up a 625 MW power plant in Chhattisgarh in phases.

The company said it was also planning to expand its steel capacity in the current fiscal for higher level of integration.