Mukand Q2 net at Rs 14 cr

Mumbai, Oct 29 (UNI) For the second quarter ended September 30, Mukand has posted a turnover of Rs 548.61 crore as against Rs 534.28 crore in the corresponding period last fiscal and net profit of Rs 14.13 crore as against the net profit of Rs 20.67 crore in the corresponding period last fiscal.

For the six-month period ended September 30, Mukand's turnover stood at Rs 1051 crore (Rs 1020 crore) and net profit at Rs 273.38 crore (Rs 334.99 crore).

The pressure on margins was due to steep rise in the cost of inputs, especially metallurgical coke. To reduce company's dependence on coke from the market, it has signed an MOU to purchase facilities in Maharashtra, with a capacity to produce 120,000 MT coke per annum.

During the quarter, the Company also signed a JV with NV Bekaert SA, Belgium to set up a manufacturing facility, a Company press release said.

UNI