|
The capacity of the captive power plant will increase by 90 MW, from 267 MW to 357 MW. The company sources around 75% of its power requirement from the captive plant. The incremental addition will lead to 80% of power sourcing internally, which leads to significant cost savings, said the company.
The company has also boosted its sponge iron production, commissioning an incremental capacity of 1,65,000 TPA, leading to an enhanced total capacity of about 2.7 MTPA.
Brij Bhushan Agarwal, vice chairman & managing director said, “With current addition we have successfully completed the capacity additions we had outlined in our IPO plans. The addition to our captive power plant gives us a significant boost with reliable and low cost power, and we are in an even better position to supply sponge iron which continues to see improving demand.”
Shyam Metalics and Energy is a leading integrated metal producing company based in India with a focus on long steel products and ferro alloys. The company is amongst the largest producers of ferro alloys, one of the leading players in terms of pellet capacity and the fourth largest player in the sponge iron industry in terms of sponge iron capacity in India.
The company recorded 40% drop in consolidated net profit to Rs 258.9 crore despite a 22% increase in revenue from operations to Rs 3,380.1 crore in Q4 FY23 over Q4 FY22.
The scrip shed 0.58% to Rs 345.15 on the BSE. The counter hit a 52-week high at Rs 355.95 in intraday today.
|