Shyam Metalics Energy logs over 4-fold jump in Q2; net profit up Rs 482 cr

Shyam Metalics & Power Ltd (SMEL) on Saturday reported greater than fourfold soar in its consolidated revenue after tax (PAT) to Rs 481.97 crore within the July-September quarter of 2023-24 regardless of a fall in income.

It had clocked Rs 110.91 crore PAT throughout the July-September interval of the previous 2022-23 fiscal, the corporate stated in an announcement on Saturday.

The corporate’s consolidated revenues dropped by 4.7 per cent to Rs 2,940.70 crore for the second quarter of FY2023-24 as in comparison with Rs 3,085.20 crore in the identical quarter a 12 months in the past.

Regardless of the realisation of completed metal being down by 11.75 per cent on a year-on-year foundation, the corporate has been capable of preserve income development, the assertion stated.

The corporate has additionally acquired the order from NCLT Bench for the acquisition of Mittal Corp Restricted together with the order of approval for merger of Mittal Corp Restricted with Shyam Sel and Energy Restricted, a wholly-owned subsidiary of the corporate, it stated.

There was sustained development within the aluminium foil enterprise and the foray into stainless-steel will add to our steel product basket and development of our firm.

Shyam Metalics is a number one built-in metal-producing firm primarily based in India primarily within the metal business in West Bengal and Odisha with a concentrate on lengthy metal merchandise and ferro alloys.