Maithan Alloys' consolidated net profit surged 95.4% to Rs 218.95 crore on 80.4% rise in net sales to Rs 1,020.31 crore in Q1 FY23 over Q1 FY22.
Sequentially, the consolidated net profit declined 9.5% from Rs 241.94 crore despite of a 21.9% increase in net sales from Rs 837.14 crore in Q1 FY23.The company's profit before tax (PBT) jumped 90% year on year to Rs 279.70 crore in the quarter ended 30 June 2022.
Total expenses rose 56.27% year on year to Rs 670.03 crore in the quarter ended June 2022. Cost of raw material consumed rose 65.93% to Rs 334.50 crore and employee benefit expense increased by 59.83% to Rs 22.68 crore in Q1 FY23.
Maithan Alloys is among India's leading manufacturers and exporters of niche value-added manganese alloys. It customized manganese alloys to large and growing steel companies across the world.
Shares of Maithan Alloys fell 2.03% to end at Rs 948.25 on the BSE on Friday.
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