Rathi Steel's Q1 Net Profit Jumps 50% to Rs 2.7 Crore
By Rediff Money Desk, New Delhi Aug 13, 2024 13:20
Rathi Steel and Power Ltd's net profit surged 50% to Rs 2.7 crore in Q1 FY24, driven by reduced expenses despite lower revenue. Learn more about the company's performance.
![Rathi Steel's Q1 Net Profit Jumps 50% to Rs 2.7 Crore](https://im.rediff.com/money/2016/jan/18steel.jpg)
New Delhi, Aug 13 (PTI) Rathi Steel and Power Ltd has reported 50 per cent growth in its standalone net profit at Rs 2.7 crore during the June quarter on account of reduced expenses.
It had posted a net profit of Rs 1.8 crore in the April-June period of the preceding financial year, the company said in an exchange filing on Monday.
The company's revenues from operations fell to Rs 127.72 crore from Rs 146.55 crore.
It also brought down its expenses to Rs 125.13 crore from Rs 147.15 crore in the first quarter of last fiscal.
The company's CFO Rakesh Kumar said, "We have entered the new financial year on a strong note. Despite a relatively muted industry environment, the company has demonstrated resilience."
The company's steel plant in Uttar Pradesh, having an installed capacity of 2,00,000 Tonne Per Annum (TPA) comprising a TMT bar mill and a wire-rod mill.
It had posted a net profit of Rs 1.8 crore in the April-June period of the preceding financial year, the company said in an exchange filing on Monday.
The company's revenues from operations fell to Rs 127.72 crore from Rs 146.55 crore.
It also brought down its expenses to Rs 125.13 crore from Rs 147.15 crore in the first quarter of last fiscal.
The company's CFO Rakesh Kumar said, "We have entered the new financial year on a strong note. Despite a relatively muted industry environment, the company has demonstrated resilience."
The company's steel plant in Uttar Pradesh, having an installed capacity of 2,00,000 Tonne Per Annum (TPA) comprising a TMT bar mill and a wire-rod mill.
Source: PTI
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