India's largest manganese alloy producer Maithan Alloys Ltd on Thursday reported 32 per cent hike in its profit after tax at Rs 85 crore in the January to March quarter.
It had posted a profit of Rs 64 crore in Q4 FY20 and Rs 55 crore in Q3 FY21.
Revenue from operations in Q4 FY21 moved up 23 per cent year-on-year to Rs 499 crore from Rs 406 crore while manufacturing revenue advanced by 17 per cent to Rs 447 crore from Rs 381 crore.
However, for the entire fiscal FY21, revenue from operations dipped by 12 per cent to Rs 1,620 crore from Rs 1,831 crore in FY20.
Profit after tax slipped by 4 per cent to Rs 230 crore from Rs 222 crore in FY20.
The board of directors has recommended a dividend of Rs 6 per equity share of Rs 10 each for the financial year 2020-2021.
Whole-time Director and CEO Subodh Agarwalla said there has been rising steel demand driven by recovery in capital expenditure of states, auto production, white goods production and real estate construction activities.
"The government's fiscal stimulus and other growth oriented agenda will drive the demand for steel in quarters to come. We expect that with increase in steel demand, there will be increased demand for ferro alloys," he said in a statement.
Agarwalla said the short-term outlook may be challenging in view of disruption caused due to Covid-19 pandemic, but the medium-term outlook is stable.
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.
( With inputs from ANI )
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