Prakash Ind Q2 net up by 4% at Rs 70 crore

Steel maker Prakash Industries today reported a marginal 4 per cent rise in the net profit at Rs 70 crore for the second quarter ending September 30.

The company had a net profit of Rs 67 crore over the same period in 2009-10, the company said  in a statement.

"The demand was flat. But going forward, we expect better sales and prices of our products," a company spokesperson said.

The company clocked a 11 per cent rise in the net sales at Rs  420 crore for the reporting quarter from Rs 377 in Q2FY10, it said.

Its net profit for the half-year ending September 30, stood at Rs 140 crore, against Rs 126 crore in the same period last year.

 

The steel maker said the first phase of its 625 MW power plant is likely to commence production in the next five months.

"The balance capacity is proposed to be set up in modular fashion in a phased manner over the next three years," it said.