SMEL Q2 Net Profit Down 55% to Rs 216 Cr - PTI

New Delhi, Nov 8 (PTI) Shyam Metalics and Energy Ltd (SMEL) has reported a 55 per cent fall in consolidated net profit to Rs 215.68 crore in September quarter, on account of higher expenses.

It had posted a net profit of Rs 481.97 crore in the quarter ended September 2023, the company said in an exchange filing on Thursday.

The company's total income rose to Rs 3,708.61 crore in the quarter under review, from Rs 2,978.93 crore in the second quarter of the last fiscal year.

Its expenses also increased to Rs 3,227.42 crore in the July-September quarter, from Rs 2,633.59 crore a year ago.

SMEL is a manufacturer of long-steel products, ferro alloys, aluminum and stainless steel.