Steel Exchange Q2 net up 52%

Sales declined 14.16% to Rs 304.89 cr during the quarter

Steel Exchange India Limited (SEIL), a Hyderabad-based company engaged in the manufacture of iron and steel products, reported a net profit of Rs 5.85 crore for the second quarter ended December 2012, as compared with Rs 3.86 crore in the corresponding quarter last year, reflecting a growth of 51.55%.

Sales, however, declined 14.16% to Rs 304.89 crore during the quarter, as against Rs 355.22 crore for the corresponding period last year.

“With the recent launch of our captive power plant, the company will have substantial savings in costs apart from assured supply of power. These savings will be reflected under improved margins in the coming quarters,” B Satish Kumar, managing director of SEIL, said in a release on Monday.

Steel Exchange India's scrip ended the trade at Rs 78 on the BSE today,  down 3.23%, over the previous close of Rs 80.60 a share.