Maithan Alloys rose 7.79% to Rs 1136.55 after the company's consolidated net profit surged 441.23% to Rs 300.11 crore on 107.08% rise in net sales to Rs 923.32 crore in Q3 December 2021 as over Q3 December 2020.
On a consolidated basis, profit before tax (PBT) jumped 451.52% to Rs 394.34 crore in Q3 December 2021 over Q3 December 2020.Total expenses rose 40.23% year-on-year to Rs 533.53 crore in Q3 December 2021. Cost of raw material consumed rose 38.01% to Rs 262.12 crore and employee benefit expense surged 188.36% to Rs 28.49 crore.
The company's board has approved the re-appointment of Subhas Chandra Agarwalla as the chairman and managing director of the company for a period of 3 years with effect from 1st April, 2022.
The board also approved the proposal of Maithan Ferrous (a wholly owned subsidiary) to offer, issue and allot additional equity shares of the Maithan Ferrous to any other person(s) in accordance with the provisions of Section 62(1)(c) of the Companies Act, 2013.
Maithan Alloys is among India's leading manufacturers and exporters of niche value-added manganese alloys. It customized manganese alloys to large and growing steel companies across the world.
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