New Delhi, May 27 (PTI) RHI Magnesita India Limited on Friday said its consolidated net profit more than doubled to Rs 100 crore for the March, 2022 quarter, boosted by higher income.
The company had clocked Rs 42.54 crore net profit during the same quarter of FY21, RHI Magnesita said in a regulatory filing.
During the quarter under review, the company’s total income rose to Rs 592 crore, from Rs 412.19 crore in the year-ago period.
Total expenses soared to Rs 461.24 crore as against Rs 354.14 crore a year ago.
In the entire 2021-22 fiscal year, the company’s net profit more than doubled to Rs 269 crore from Rs 136.62 crore in the preceding financial year.
The company clocked a turnover of Rs 2,004.80 crore during FY22 compared to Rs 1,382.70 crore a year ago.
In a separate statement, Parmod Sagar, the company’s MD & CEO, said: “The strong results for the year stands testimony to our commitment towards driving value to our stakeholders through the amalgamation of our three legal entities. We have been able to operate strongly as one integrated entity in the market. The demand from the user industries like steel was robust through the most part of the year.” RHI Magnesita India Ltd is the leading global supplier of high-grade refractory products, systems and solutions.
The company is in the process of investing Rs 400 crore in India to expand its refractory making capacity.
At present, the company produces 1.42 lakh tonne refractory material at three plants located at Bhiwadi, Visakhapatnam and Cuttack. PTI ABI HVA
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Source: The Print
