New Delhi, Jan 23 (ANI/Business Wire India): Prakash Industries Ltd, a diversified business house with interests in steel, power and PVC pipe, today announced its financial results for Third quarter ended December, 2007.
During the quarter the company showed impressive results. Net sales/ Income from operations has increased by 28 per cent, to Rs. 329.13 crores as against 257.36 crores reported in the corresponding period last year. EBIDTA increased by 41.57 per cent, stood at 78.60 crs in the third quarter of the current year as against 55.52 crs in the corresponding period.
PAT is up by 47 per cent, at 55.46 crs as against 37.76 crs in the corresponding period. Earning per share (EPS) has gone up by 46.53 per cent to Rs 5.07 in the third quarter as compared to Rs 3.46.
During the quarter Prakash Industries has acquired coal blocks in the state of Chhattisgarh for company's captive use. Ministry of Coal has allotted a non-coking block to the Company i.e. Fatehpur Coal Block in the State of Chhattisgarh.
The Coal block has been allotted for the expansion of capacities in the power plant of the Company to the extent of 625 MW. The coal reserves in the block are estimated to be in excess of 45 Mn MT.
The company has earlier signed an MoU with the Government of Chattisgarh for these investments into the state. The implementation of this power projects would commence from the next quarter.
The company had set up manufacturing units in the State of Chhattisgarh such as Coal based Sponge Iron plant (DRI Plant), Captive Power Plant ( Co- generation plant and coal-based power plant), Steel Melting shop, development of Captive Coal Mines, development of Iron Ore Mines with crushing plant, Submerged Arc Furnaces for producing Ferro Alloys, Structural Rolling Mill and Wire Rod Mill.
Company has also signed MOU with Govt. of Madhya Pradesh for installation of 1000 MW power plant in Madhya Pradesh. Necessary steps have been initiated for implementation of the project.
Prakash Industries Ltd is a diversified business house has interests in Steel and Power.
The integrated steel plant of the company is located in Chhattisgarh with state of the art technology and manufactures a wide array of products catering to the automobile, construction and FMCG industry.
The power generation business of the company uses waste hot gases from the rotary kilns of the steel plant and is the first in the country to use this eco friendly concept. The company has also forayed into wind energy with an installed base of 6MW.
The PVC pipes business of the company has an installed base of 15000 MTPA with a major market share and a robust distribution network. The company is involved in a lot of CRS activities in keeping with its commitment towards being a good corporate citizen.