Manaksia Q1 topline shots 56 % to Rs 400 crore, profit up

Kolkata, Jul 31 (UNI) City based Manaksia Ltd, a major secondary producer of value added metal products, posted an increase of 48.79 per cent in its PAT for Q1, which stood at Rs 43.33 crore as compared to Rs 29.12 crore corresponding period last year.

The net income for the period stood at Rs 400.38 crore, a hop of 56.09 per cent as compared to Rs 256.50 crore in the last fiscal.

Manaksia Ltd managing director Basant Kumar Agarwal said the increase in profits and turnover was mainly due to an increase in sales of value-added metal products, both in India and Nigeria.

MINL, has stepped up operations in Nigeria, and Jebba Paper Mills Ltd., which was taken over by the company in 2006, will commence production during the current fiscal. Initially, it will manufacture around 40 tons per day using waste paper as raw material.

Manaksia was revamping its ERP system and installing SAP across all its establishments. Price Waterhouse has been appointed to advise the company in implementing the new system.

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