India’s SMEL reports 157% rise in net profit in Q2 FY 2021-22

Wednesday, 10 November 2021 13:55:38 (GMT+3)   |   Kolkata
       

India’s Shyam Metalics and Energy Limited (SMEL), a long steel, iron ore pellet and ferro alloy producer, has reported a net profit of INR 4.1 billion ($55 million) for the second quarter (July-September) of the fiscal year 2021-22, up 157 percent over the corresponding period of the previous fiscal, a company statement said on Wednesday, November 8.

The company reported total revenues during the second quarter at INR 24.94 billion ($337 million) up 87 percent over the corresponding period of the previous fiscal.

“We had implemented some planned shutdown in our pellet, sponge and finished steel units. We are continuously investing in advanced technologies to enhance production and are exploring opportunities to obtain synergies in our existing manufacturing plants. This will keep our operating costs low, which we believe is critical for remaining profitable,” Brij Bhushan Agarwal, vice chairman, SMEL, said in the statement.


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