Prakash Industries hits 52-week high on clocking highest-ever sales volume

The stock jumped over 9 per cent in intra-day deals to Rs 88.80 on the BSE

Shares of Prakash Industries snapped their two-day losing run and jumped over 9 per cent to scale a fresh 52-week high of Rs 88.80 on the BSE in intra-day trade on Thursday after the firm said it has recorded the highest-ever sales volume in the financial year 2021-22 (FY21).  
 

Around 11.20 am, the scrip was trading 6.59 per cent higher at 86.50 on the BSE as against a 0.84 per cent gain in the BSE barometer Sensex.  In the past month, the stock has outperformed Sensex with a surge of nearly 47 per cent as against the index's 1.5 per cent decline.  
 

The smallcap firm which is engaged in the mining, steel and power industry in an exchange filing, on Wednesday, informed that the company achieved the highest-ever sales of around 9,54,760 tonnes of steel, a growth of 3.13 per cent over FY 2019-20 despite disruptions due to the Covid-19 pandemic. 

For the March quarter of FY21, the company clocked the highest ever sales of around 2,72,142 tonnes of steel, recording a growth of 31.16 per cent year-on-year (YoY) and 8.85 per cent quarter-on-quarter (QoQ), it said.

The company further added that in FY21, the DRI Production has been highest ever at 9,05,616 tonnes, recording a growth of 10.73% YoY.

In the third quarter of FY21, the company had posted a revenue growth of 20.63 per cent YoY at Rs 891 crore as against Rs 738.62 crore posted in the same quarter previous year. The profit had risen 4.57 per cent YoY to Rs 31.33 crore from Rs 29.96 crore posted in the December quarter of FY20.