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MSP Steel & Power reports 43% yoy growth in profit to Rs9.36cr

The company’s revenue increased to Rs571.74cr in Q2FY22 from Rs445.74cr in Q2FY21.

November 16, 2021 9:20 IST | India Infoline News Service
Quarterly Results
MSP Steel & Power Limited reported 43% yoy higher consolidated profit at Rs9.36cr in the September 30 ended quarter of FY22 against Rs6.54cr in the same quarter of last fiscal. The company’s revenue increased to Rs571.74cr in Q2FY22 from Rs445.74cr in Q2FY21.

“The Group is majorly in the business of manufacturing steel products and hence has only one reportable operating segment as per Ind AS 108 - Operating Segments.

During early trade on Tuesday, MSP Steel & Power Ltd was trading at Rs10.10 up by Rs0.37 or 3.8% from its previous closing of Rs9.73 on the BSE.
The scrip opened at Rs10.10 and has touched a high and low of Rs10.50 and Rs9.73 respectively.

During the previous year, the holding company changed the valuation method of its Raw Material inventory from the First In First Out (FIFO) method to Weighted Average (WA) Method, for better presentation/valuation. The Company had applied this change retrospectively starting with each reporting period from April 01, 2019.

Consequent to this change, the Total Comprehensive Income for the quarter and half yearly ended September 30, 2020 has been increased by Rs534.12 Lakhs and Rs605.47 Lakhs (net of deferred tax) respectively in comparison to total comprehensive income as published. Accordingly, the EPS for the quarter and half yearly ended September 30, 2020 has also been increased by Rs0.14 & Rs0.16 respectively in comparison to EPS as published,” company said in a filing on Monday.

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