Prakash industries reports impressive performance

New Delhi, July 28 (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 period Q1 2009.uring the quarter the company showed impressive results. Net sales or Income from operations have increased by 43 per cent, to Rs.392.07 crores as against Rs.273.06 crores reported in the corresponding period last year.

The EBIDTA for quarter increased by 32 per cent to Rs.880.20 crores in the current quarter as against Rs. 665.30 crores.

Profit after Tax was up 33 per cent to Rs.66.88 crores as against Rs.50.12 crores reported in the corresponding quarter. The Earning per share (EPS) has gone up by 20 per cent to Rs.5.79 as compared to Rs.4.79

The Company has entered into a Memorandum of Understanding (MOU) with the Government of Chhattisgarh to establish and operate a 600 MW Thermal Power Station in the State of Chhattisgarh with an investment of approximately Rs.2400 crores.

Prakash Industries has also 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.

Company has also signed MOU with Government 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.

ANI