Adhunik Metaliks Q2 profit up on sales to new sectors

Adhunik Metaliks Q2 profit up on sales to new sectors
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First Published: Wed, Oct 29 2008. 11 20 AM IST
Updated: Wed, Oct 29 2008. 11 20 AM IST
Reuters
Kolkata: Speciality steel maker Adhunik Metaliks Ltd on Monday posted a 13% rise in July-September net profit on higher sales to engineering, oil and automobile sectors.
Net profit for the quarter rose to Rs23.24 crores, up from Rs20.6 crore in the same period a year ago. Net sales rose 59.59% to Rs3.91 billion.
“Investments in making speciality steel for engineering, oil and gas and auto sectors have helped grow profits and revenue lines,” Managing Director M Agarwal told Reuters.
The company also got approvals for mining iron ore in its unit in eastern Orissa state, he said. Mining work started from this month, helping grow revenue lines, Agarwal said.
Shares in the firm ended up 11.4% at Rs43 on Tuesday.
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First Published: Wed, Oct 29 2008. 11 20 AM IST