Indian steel, ferro alloys and pellet producer Sarda Energy and Minerals Limited (SEML) has reported a consolidated net profit of INR 926.60 million ($11.21 million) in the second quarter (July-September) of the fiscal year 2023-24, a decline of 50.19 percent over the corresponding quarter of the previous year, according to a regulatory filing of the company on Tuesday, October 31.
The company reported total sales revenues of INR 6.46 billion ($77.56 million) during the quarter, down 6.06 percent over the corresponding quarter of the previous fiscal year.
The company attributed the fall in revenues to its plant shutdown in September. Its pellet production during the quarter was 391,000 mt, down two percent year on year.
