Maithan Alloys Q3 profit flat sequentially at Rs 55 crore
Feb 20, 2021
Kolkata (West Bengal) [India], February 20 : India's largest manganese alloy producer Maithan Alloys Ltd on Saturday reported flat sequential growth in its profit at Rs 55.4 crore in Q3 FY21 as compared to Rs 54.9 crore in Q2 FY21, up by just 1 per cent.
Total revenue from operations increased by 9 per cent to Rs 446 crore from Rs 409 crore in the same period while manufacturing revenue went up by 2 per cent to Rs 400 crore from Rs 393 crore.
However, on a year-on-year basis, the profit after tax was down by 13 per cent to Rs 54.9 crore in Q3 FY21 as compared to Rs 64 crore in Q3 FY20.
Total revenue from operations declined by 5 per cent from Rs 469 crore in Q3 FY20 to Rs 446 crore and manufacturing revenue dipped by 7 per cent from Rs 430 crore to Rs 400 crore in Q3 FY21.
Whole-time Director and CEO Subodh Agarwalla said the company expects government's strong focus on reviving the economy through execution of projects and infrastructure spending to drive demand for steel.
"The government's continued thrust on affordable housing, railway and metro projects will ensure growth in steel consumption. Increase in steel consumption will propel demand for ferro alloys," he said.
Maithan Alloys manufactures ferro manganese, silico manganese and ferro silicon from its multi-locational plants at Kalyaneshwari in West Bengal, Visakhapatnam in Andhra Pradesh and Ri-Bhoi in Meghalaya.
It has clients like SAIL, Tata and Jindal in India besides an international client base comprises of traders and manufacturers across five continents.
