Indian steel and ferroalloys producer Shyam Metallics and Energy Limited (SMEL) has reported a net profit of INR 4.81 billion ($57.85 million), in the second quarter (July-September) of the fiscal year 2023-24, up 335 percent year on year, a company statement said on Monday, November 13.
The company reported consolidated revenues of INR 29.40 billion ($353 million) during the quarter, up 4.7 percent year on year.
Despite profit margins of finished steel being down by 11.75 percent on year-on-year basis, the company has been able to maintain revenue growth, the statement said.