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Electrosteel Steels Limited, one the largest manufacturer of TMT bars, Ductile Iron pipelines, Billets, Pig Irons reported their quarterly financial results with a net profit of Rs 927.96 crore for the first quarter ended June 30.
The company had posted a loss of Rs 242.19 crore in the year-ago period. The quarter ended on June 30, 2018, was the first quarter in at least five quarters to post a net profit as the company reported the net loss in at least four quarters in a row.
The company has reported net sales of Rs.1046.15 crores during the June-end quarter of the current fiscal year as compared to Rs.814.94 crores during the corresponding quarter of the previous fiscal year. Total expenses of the company during April-June quarter declined to Rs 974.46 crore, compared to Rs 1,134.63 crore.
During the quarter, the company said, that corporate insolvency resolution process initiated in July last year has been completed and “order to the effect approving the resolution plan submitted by Vedanta Ltd, one of the applicants, has been passed on April 17, 2018.” The board of the company has been reconstituted on June 4 with nominees of Vedanta being inducted as the member of the board.
