Prakash Industries Limited — Updates, 14-11-2024: Press Release

Prakash Industries Limited has reported a notable performance for the quarter and half-year periods, highlighting a significant increase in sales volume and profitability. Net Sales for the quarter reached ₹1,077 Crore, up from ₹889 Crore, marking a growth of 21%. Operating Profit also saw a slight rise to ₹131 Crore, while Profit after Tax increased to ₹90 Crore, despite last year's comparative figures including a one-time gain from asset sales.

For the half-year, Net Sales amounted to ₹2,244 Crore, an 18% increase from ₹1,902 Crore, and Operating Profit rose to ₹263 Crore, up 7% year-on-year. The reported Profit after Tax was ₹181 Crore compared to ₹179 Crore previously, again influenced by last year’s asset sale profits.

Additionally, the Government of Chhattisgarh has granted approval for a 30-year Mining Lease for Bhaskarpara Commercial Coal Mine, covering 932 hectares. This approval is expected to enhance the company’s operational stability and reduce costs, while also opening avenues for additional revenue generation through coal sales in the open market, presenting a positive outlook for future growth.