Rathi Steel and Power Ltd Reports Impressive 50% Profit Surge Despite Revenue Dip

Rathi Steel and Power Ltd has achieved a 50% increase in standalone net profit, reaching Rs 2.7 crore in the June quarter, despite reduced revenues and expenses. The company's CFO highlighted their resilience in a muted industry. Their Uttar Pradesh plant has a capacity of 2,00,000 Tonne Per Annum.

Rathi Steel and Power Ltd has reported a significant 50% growth in its standalone net profit, achieving Rs 2.7 crore during the June quarter, primarily due to reduced expenses.

In the same period last year, the company posted a net profit of Rs 1.8 crore, according to an exchange filing made on Monday.

Despite a fall in revenues from operations, down to Rs 127.72 crore from Rs 146.55 crore, the company managed to cut down its expenses to Rs 125.13 crore from Rs 147.15 crore in the first quarter of the previous fiscal.

Rakesh Kumar, the company's CFO, commented on the performance, stating, ''We have entered the new financial year on a strong note. Despite a relatively muted industry environment, the company has demonstrated resilience.''

The company operates a steel plant in Uttar Pradesh with an installed capacity of 2,00,000 Tonne Per Annum, including a TMT bar mill and a wire-rod mill.

(With inputs from agencies.)