Monnet Ispat and Energy Limited’s net sales jumped to Rs. 288 crores in the 3rd quarter ending 31st December ‘2007 , vis-à-vis Rs. 180 crores achieved in the corresponding quarter of the last fiscal i.e., an increase of 60%.

The company recorded a profit after tax of Rs.42.24 crores during the quarter ending 31.12.2007. The profit after tax for 9 months ending 31st December 2007 was Rs. 131.72 crores vis-à-vis Rs. 102.41 crores achieved in the corresponding 9 month period of last financial year.

The company has increased its power generation capacity for captive use to 150 MW.,

Emphasizing its shift to energy from steel making, Delhi based Monnet Ispat & Energy Ltd. (MIEL) has signed an MoU with the Government of Orissa for setting up a 1,000 MW power plant at an estimated cost of Rs.4200 Crores. The pithead power plant will come up in the Angul district of Orissa.

“In the coming years, the company will be focused more on the energy business rather than steel. Within a year, 55% of the revenues will come from the energy business and the rest from steel.,” said Mr. Sandeep Jajodia, Exec. Vice Chairman & Managing Director, Monnet Ispat & Energy Ltd.

Sourced From: Aadi Media Services

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