Monnet Ispat and Energy Limited achieved a net sales at Rs. 380.64 crores in the 4th quarter ended 31st March 2008, vis-à-vis Rs. 186.45 crores in the corresponding quarter of the last fiscal—an increase of 104%.

The company recorded a Net profit after deferred taxation , of Rs. 57.20 crores during the quarter ended 31.03.2008, vis-à-vis Rs 42.79 crores in the corresponding quarter of last fiscal, an increase of around 34%.The company has increased its power generation capacity for captive use to 150MW.

“In the coming years, the company will be focused more on the energy business rather than steel . In the future , 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 Limited.

The net sale in the current quarter include an income of Rs. 47 crores being the trading sales of export of Iron Ore fines.

The Board of Directors have declared interim dividend of 25% (Rs.2.50/- per share of Rs. 10/- each). The record date for ascertaining the entitlement of dividend shall be 6th May, 2008.

Monnet Ispat and Energy limited has completed the complement of 0.50 million tones of Sponge Iron Plant and 90 MW of power at Raigarh. With the completion of this expansion, Monnet becomes the second largest coal based sponge iron producer in the country. The company is poised for robust growth in the current financial year on account of these expansions.

Sourced From: Aadi Media Services

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