Recycling player Vikas Lifecare Q1 net profit jumps to Rs 13.31 cr

New Delhi, Aug 14 (PTI) Recycling player Vikas Lifecare has posted a manifold jump in its standalone net profit at Rs 13.31 crore during the June quarter, on account of higher income.

It had clocked a net profit of Rs 2.33 crore in April-June period of the preceding 2022-23 fiscal, the company said in a statement on Monday.

The company’s total income increased to Rs 106.30 crore in the quarter under review, from Rs 88.87 crore in the year-ago quarter.

Expenses were at Rs 91.77 crore, as against Rs 86.71 crore a year ago.

Last month, Vikas Lifecare announced its plans of foraying into manufacturing of smart meters in a 49:51 joint venture (JV) with Indraprastha Gas Limited (IGL).

As part of the agreement, a manufacturing unit will be set at an initial investment of Rs 110 crore to manufacture smart meters.

Vikas Lifecare recycles plastic waste to manufacture pallets and interlocking tiles for industrial applications.