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Monnet Ispat's net up 48 pc

NEW DELHI: Monnet Ispat Ltd, the flagship company of the Monnet group, has posted a 48-per cent growth in net profit in the first nine months of the current financial year.

According to a company statement, the net profit during the period increased to Rs 6.31 crore from Rs 4.26 crore in the same period the previous year.

It said this had been achieved despite a marginal decline in its turnover, which stood at Rs 75.63 crore. It had been possible on account of achieving higher efficiency levels.

``Buoyed by the surging demand for its products, the company which is engaged in the manufacture of sponge iron, steel, ferro-alloys and power, is increasing the capacity of its sponge iron plant by another one lakh tonnes,'' the statement said.

This expansion has been partly funded through preferential allotment of equity shares to the promoters at a premium of Rs 20 per share and through term-loan and internal accruals. It is expected to be completed by the end of the current financial year.

The statement added that the company's shares would be traded in compulsory demat mode from April 2.