Rathi Steel and Power net profit grows to Rs 2.7 crore in Q1

New Delhi, Aug 13 (PTI) Rathi Steel and Power Ltd has reported 50 per cent growth in its standalone net profit at Rs 2.7 crore during the June quarter on account of reduced expenses.

It had posted a net profit of Rs 1.8 crore in the April-June period of the preceding financial year, the company said in an exchange filing on Monday.

The company’s revenues from operations fell to Rs 127.72 crore from Rs 146.55 crore.

It also brought down its expenses to Rs 125.13 crore from Rs 147.15 crore in the first quarter of last fiscal.

The company’s CFO Rakesh Kumar said, “We have entered the new financial year on a strong note. Despite a relatively muted industry environment, the company has demonstrated resilience.”

The company’s steel plant in Uttar Pradesh, having an installed capacity of 2,00,000 Tonne Per Annum (TPA) comprising a TMT bar mill and a wire-rod mill.