Kalyani Steels Q2 net profit doubles to Rs 23 crore

Kalyani Steels today reported nearly doubling of its net profit in the July-September quarter to Rs 22.77 crore.

The company had reported a net profit of Rs 11.83 crore in the corresponding quarter last fiscal, it said in a statement.

Total income of the company during the quarter, which has its plant at Hospet in Karnataka, increased to Rs 314.73 crore from Rs 246.69 crore a year ago.

Kalyani Steels manufactures forging and engineering quality carbon and alloy steels using the blast furnace mode.

Total expenses, including the cost of raw material consumed, also rose to Rs 315.28 crore from Rs 247.69 crore a year ago.

Kalyani Steels consumed raw material worth Rs 147.60 crore.