India: Prakash Industries Sales Increase in FY19 on High Operational Efficiencies
Prakash Industries Ltd (PIL) - one of the major steel producers in Central region of India has yesterday declared its financial results for the fiscal year 2019, in which the company's net sales & profit after tax (PAT) increased significantly.
The producer has reported PAT of INR 535 crore for the FY19, up by 39% as against INR 384 crore against FY18.
Also the company's net sales jumped by 22% Y-o-Y and recorded at INR 3,588 crore, which was INR 2,935 crore in FY18.
Rising profit & sales attributes to ramping up steel capacities by the company as in the reports its mentioned that productions of steel billets record high at 9.7 lac tonnes with the installation of new furnaces and modernization of some of the exiting furnaces in the Steel Melting Shop (SMS).
Similarly, the company has modernized its 4th Rolling Mill at Raipur, Chhattisgarh in Q4 FY19, to increase the production of value added products i.e. Wire Rods. This will significantly improve the revenues and profitability of the company.
6th Sponge iron kiln to commence production in Jul'19 - Further the company's 6th 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 Jul'19. This will lead to further integration of steel operations and result in cost savings, thereby improving the operating margins of the company.
Captive iron ore mine in Odisha to reduce procurement cost - Also as per reports, the company's captive iron ore mine in Odisha has now largely received all statutory approvals and the Company is making all efforts to operationalize the same very soon. This will significantly reduce the procurement cost of a major raw material.
Prakash Industries known as largest MS Wire rod producer in Central India, which supply material to all over India. On an average, the company's monthly wire rod production is about 50,000-60,000 MT, which is more than of 6,00,000 MT on yearly basis.
source: SteelMint
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