Prakash Industries achieves net sales of Rs895 crore led by robust performance in Q1FY23

3 Aug 2022 , 09:17 AM

Prakash Industries Limited has announced the financial performance for the quarter ended on June 30, 2022.

As per the regulatory filing, During the quarter, the Company has achieved Net Sales of Rs895 crore and EBITDA of Rs103 crore. Profit after Tax for the quarter stood at Rs43 crore.

“With high inflation pressure including coal prices hike, rising interest rates and Russia-Ukraine war, there has been a challenging quarter for the Global and Indian economy”, the  company said.

In addition to this, the imposition of 15% export duty by the Indian Government on certain steel exports further pushed the situation. The EBITDA margin rose from around 9.6% to 11.4% yoy.

Also, considering the market sentiments, the Company strategically preponed its maintenance shutdown, which resulted in better inventory management. However, the inherent demand from construction and infrastructure segments remains robust.

Commercial Coal Mine

On November 18, 2021, The Ministry of Coal had awarded Vesting Order for Bhaskarpara Coal Mine in favour of the Company. The Company is taking all major steps to open the mine by next year.

At around 9:17 AM, Prakash Industries was trading at Rs54.75 per share down by Rs0.45 or 0.82% from its previous closing of Rs55.20 per share on the BSE.