Lloyds Metals and Engineers posts Q3 net sales of Rs 223.47 cr

Lloyds Metals and Engineers Limited (LMEL), a pioneer and a leading manufacturer in Coal Based DRI (Direct Reduced Iron or Sponge Iron), announced its unaudited results for the quarter ended December 2010.

For the quarter ended December 31, 2010, the Company reported net sales of Rs 223.47 crore, as against net sales of Rs 104.30 crore for the corresponding period of FY 2009-10. For the same quarter, the company reported a Profit after Tax (PAT) of Rs 3.88 crore, against the net loss of Rs 89.77 Lakh for the corresponding period of FY 2009-10. 

For nine months ended on December 2010, LMEL reported net sales of Rs 481.27 crore; as against net sales of Rs 393.82 crore for the corresponding period of FY 2009-10. The Profit after Tax for nine months ended on December 2010 stood at Rs 4.32 crore; as against net loss of 8.97 crore.

During the quarter under review, LMEL commissioned a 30 MW co-generation Waste Heat Recovery Based (WHRB) Power Plant at its sponge iron manufacturing plant in Ghugus, District Chandrapur, Maharashtra.

About Lloyds Metals and Engineers Limited:
Lloyds Metals and Engineers Limited (LMEL) (BSE Scrip Code: 512 455) is part of the USD 850 Million LLOYDS. The Company has DRI manufacturing facility at Ghugus, District Chandrapur, Maharashtra. The plant is strategically located in coal-rich region. The Company has one 500 tpd kiln and four kilns of 100 tpd capacity manufacturing 2,70,000 TPA of DRI. In October 2010, LMEL installed a Waste Heat Recovery based 30 MW co-generation power plant that has enabled the Company to ensure recovery of waste energy into productive energy at its DRI plant. Mr B L Agarwal is Managing Director of the Company.