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Prakash Industries Ltd announces Q4 & FY19 results

Steel News - Published on Fri, 24 May 2019

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During FY2019, Prakash Industries Ltd has achieved net sales of INR 3588 crores and EBITDA of INR 794 Crores, reflecting growth of 22% and 33% respectively over the last financial year. After providing for interest, depreciation and tax, the net profit of the company for FY2019 has increased by 39% to INR 535 Crores as against INR 384 Crores in last financial year. The increase in the profitability is due to higher capacity utilisation, operational efficiencies and better sales realisation
During Q4FY2019, the Company has achieved net sales of INR 885 crores and EBITDA of INR 185 crores. After providing for interest, depreciation and tax, the net profit of the company for Q4 FY2019 was INR 124 crores.
The company achieved its highest ever steel production and sales volumes in FY 2019. The company registered record production of 0.97 million tonnes of steel billets during FY2019 as a result of installation of new furnaces and modernization of some of the exiting furnaces in the Steel Melting Shop. The Steel division also recorded highest ever sales volume of 0.94 million tonnes during the year registering growth of 20% over last financial year.
The Company has modernized its 4th Rolling Mill at Raipur, Chhattisgarh in Q4FY2019, to increase the production of value added products i.e. Wire Rods. This will significantly improve the revenues and profitability of the company.
The 5th Sponge Iron Rotary Kiln having capacity of 2 lac tonnes and 15 MW Waste Heat Power co-generation project is complete and the commercial production is likely to commence from the end of July, 2019. This will lead to further integration of steel operations and result in cost savings, thereby improving the operating margins of the company.
The Company's captive Iron Ore Mine in Odisha has now largely received all statutory approvals and the Company is making all out efforts to operationalize the same very soon. This will significantly reduce the procurement cost of a major raw material.

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Posted By : Ratan Singh on Fri, 24 May 2019
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