Prakash Industries achieves net sales of Rs847cr led by robust performance in Q3

7 Feb 2022 , 09:16 AM

Prakash Industries Ltd during the quarter has achieved Net Sales of Rs847cr, EBITDA of Rs90cr and Profit after Tax of Rs32cr.

During the nine months ended December 31, 2021 , the Company has achieved Net Sales of Rs2771cr and EBITDA of Rs290cr, reflecting growth of 27% and 34% respectively over the corresponding period of last financial year. Profit after Tax for the nine months ended 31st December, 2021 also grew by 166% on yoy basis to Rs116cr.

• Iron Ore Mining: The Company mined -2.12 lakh tonnes of Iron Ore from its Sirkaguttu mine, Odisha during the quarter, up by 18% over corresponding quarter of last financial year. The mining plan of this mine has been enhanced to 10 lakh tonnes per annum, which shall result in higher extraction in the coming times, thereby further improving the margins of the Company.
• Long Term Coal Linkages: The Company has secured Long Term Coal Linkages of 10.06 lakh tonnes per annum for next 5 years in the coal linkage auction conducted by Coal India Limited. These linkages will insulate the Company against the volatility in the coal prices and thus provide long term stability to the operations of the Company and improve its operating and financial performance.
• Commercial Coal Mine: The Company was awarded the Vesting Order for Bhaskarpara Coal Block, in its favour from the Nominated Authority, Ministry of Coal on November 18, 2021. The Company is taking all effective steps to start mining in FY2024, which shall come as a great respite in the current scenario which is marked by global coal shortage. This being a commmercial mine shall boost revenue and profitability through sale of coal in the open market.

On Monday morning early trade, Prakash Industries was trading at Rs60.20 per piece higher by 0.08% on Sensex.