India’s IFGL Refractories Limited has reported a net profit of INR 296.10 million ($3.84 million) in the first quarter (April-June) of the fiscal year 2023-24, a rise of 103.51 percent year, according to a company regulatory filing on Monday, August 7.
The company reported total sales income of INR 4.27 billion ($51.73 million) for the given period, up 18.76 percent year on year, the statement said.
Meanwhile, the company also reported receiving approval from the government of the eastern state of Odisha for the construction of a new plant for the manufacture of 240,000 pieces per year of continuous casting refractories, entailing an investment of INR 1.5 billion ($18.15 million) and slated to go into production in 2025.