Indian steelmaker Prakash Industries’ DRI output increased to 906,000mt in FY2021 (April-March), which is up by 11pc from the prior year, while steel sales volume rose to 955,000mt, up by 3pc from a year ago.
The company expanded the annual capacity of its steel melting shop (SMS) to 1.25mn mt by commissioning two energy-efficient induction furnaces.
In Q4, Prakash Industries’ net sales rose to Rs10,320mn ($141.52mn), up by 59pc from the prior year, while EBITDA grew by 29pc to Rs1,070mn. Net profit or total comprehensive income of the company spiked to Rs640mn, up 268pc from a year ago.
For the full year, the company reported net sales of Rs32,160mn and EBITDA of Rs3,230mn Crores. Net profit in FY2021 stood at Rs1,040mn.
In FY2021, Prakash Industries mined 470,000mt iron ore from its Sirkaguttu mine, in Odisha. The ramped extraction at the mine is expected to boost the company’s margins, going forward. Also, the company has been granted in-principle approval for a mining lease at District Kabirdham, in Chhattisgarh.