Monnet Ispat and Energy reported a net profit of Rs 76.94 crore for quarter ended September 2011, as compared to net profit of Rs65.60 crore for the same period last year.
The total income of the company stood at Rs 458.55 crore compared to Rs 360.65 crore in the corresponding quarter a year ago. "The overall industry and business environment is challenging, however, we are focusing on better productivity and rationalisation of costs as key inputs for managing our profitability," said the company's Executive Vice Chairman and Managing Director Sandeep Jajodia.
The company hopes that sponge iron price would stabilise now and expects an improvement in power tariff, which is already showing signs.
"The price of coal and its availability would remain an area of concern for the industry," the company statement further said.