Surya Roshni Q3 net up over two-fold to Rs 89.6 cr; revenue at Rs 2,021 cr

Steel pipes and electrical products maker Surya Roshni Ltd on Wednesday reported an over two-fold increase in consolidated net profit at Rs 89.66 crore for the third quarter ended December 2022.

The company had posted a net profit of Rs 40.49 crore in the October-December period of the previous fiscal, Surya Roshni Ltd said in a regulatory filing.

However, its consolidated revenue from operations dipped to Rs 2,021.28 crore from Rs 2,030.30 crore in the corresponding quarter a year ago.

Total expenses were at Rs 1,899.51 crore, down 3.91 per cent in the December quarter of 2022-23 compared to the year-ago period.

Revenue from steel pipes and strips segment dropped 2.16 per cent to Rs 1,625.55 crore in Q3 FY23, as against Rs 1,661.47 crore earlier.

"In the Steel Pipes and Strips, the topline was affected due to correction in global steel prices. HR coil prices reduced by 18 per cent on an average in the current quarter as compared to the corresponding quarter," Surya Roshni Managing Director Raju Bista said.

Revenue from lighting and consumer durables category rose 6.35 per cent to Rs 395.73 crore from Rs 372.07 crore in Q3 FY22.

This was "driven by an improved product mix. LED lighting as a whole grew by 8 per cent YoY during the quarter. The Professional Lighting business continued to do well and registered a growth of 33 per cent and 43 per cent in Q3 and 9M FY23, respectively. The company's recent product launches also aided the growth momentum," he said.

Shares of Surya Roshni Ltd on Wednesday settled at Rs 605.90 on BSE, up 3.84 per cent from the previous close.