New Delhi: Steel Exchange India on Wednesday posted a multi-fold rise in net profit to Rs 10.23 crore in June quarter, mainly on account of higher income.
Steel Exchange India Ltd (SEIL), an integrated steel plant operator, had logged a net profit of Rs 2.58 crore in April-June 2024-25, the company said in a statement.
In the first quarter, the company's total income rose to Rs 304.95 crore, up 14.53 percent from Rs 266.26 crore in the June quarter of 2024-25.
During the latest June quarter, the company received a contract for a value up to Rs 210 crore from state-owned RINL for conversion of 1.2 LTPA (lakh tonnes per annum) billets to TMT rebars.
"Winning approvals for key infrastructure projects in Andhra Pradesh reaffirm the strength of our brand and the trust placed in our quality," the company's Joint Managing Director Suresh Kumar Bandi said.
Part of the Vizag Profiles Group, SEIL operates an integrated steel plant and power unit at Vizianagaram near Visakhapatnam.
Rashtriya Ispat Nigam Ltd (RINL), under the Ministry of Steel, is among India's top six steel makers and operates a 7.5-million tonne facility in Visakhapatnam in Andhra Pradesh.
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