Electrosteel reports net profit of Rs 927.96 crore for Apr-Jun qtr

Electrosteel Steels today reported a net profit of Rs 927.96 crore for the first quarter ended June 30.

The company had posted a loss of Rs 242.19 crore in the year-ago period, Electrosteel Steels said in a BSE filing.

The total income of the company increased to Rs 1,046.15 crore in April-June quarter over Rs 814.94 crore in the year-ago period, it said.

Total expenses of the company during April-June quarter declined to Rs 974.46 crore, compared to Rs 1,134.63 crore.

During the quarter, it said, that corporate insolvency resolution process initiated in July last year has been completed and "order to the effect approving the resolution plan submitted by Vedanta Ltd, one of the applicants, has been passed on April 17, 2018."

The board of the company has been reconstituted on June 4 with nominees of Vedanta being inducted as member of the board.