Kamdhenu Q1 net profit at Rs 6 cr

TMT bar maker Kamdhenu today reported over two-fold jump in net profit at Rs 5.92 crore for the quarter ended June 30.

The company had posted a net profit of about Rs 2.76 crore during the same period a year ago.

Total income in the reported quarter was Rs 399.83 crore, up 69 per cent from Rs 235.96 crore in the year-ago period, the company said in a BSE filing.

Total expenses were at Rs 390.58 crore, as against Rs 231.66 crore a year ago.

Kamdhenu Chairman and Managing Director Satish Kumar Agarwal said government's initiatives like introduction of GST and E-way Bill gave a boost to all key sectors of the economy including steel.

"The initiatives helped us also in getting good results. The e-way bill helped shipments to reach the destinations on time. The on-time deliveries helped in getting on-time payments and resulted in no interruption in supply chain," he said.

On the outlook for domestic steel sector, Agarwal said huge opportunities are coming up due to high growth in the real estate and construction sectors supported by various steps taken by the government to achieve its Housing for All objective by 2022.

Set up in 1995, Kamdhenu is a leading brand in TMT bars. It has 76 manufacturing units and a distribution network of 6,500 dealers across India.

Shares of the company were trading 3.95 per cent up at Rs 229.20 apiece on BSE.