Steel Exchange India Q3 FY14 PAT up at Rs 23.72 crore

Steel Exchange India Ltd (SEIL), one of the leading steel manufacturers in the private sector in Andhra Pradesh, reported a higher net profit of Rs 23.72 crore during the third quarter ended December 2013, as against Rs 5.85 crore for the corresponding period last year.
However, the company's revenues stood lower at Rs 289.83 crore for the 3rd quarter ended December 2013 as against Rs 304.89 crore in the same period last year.
"We are satisfied with our performance keeping in view the prevailing market conditions. We promise to strive hard and perform much better in the coming quarter and the next fiscal," SEIL Joint Managing Director B Suresh Kumar said.

"Recently, we have got an additional allocation of gas from ONGC for our captive power plant at Kothapeta. This will help us perform more efficiently and will add a great value to our future growth," Kumar said.
With the setting up of the 60 MW captive power plant, through an SPV Simhadri Power Limited promoted by SEIL, the company has successfully set up an integrated steel manufacturing hub.
The company is planning to expand its present steel making capacity to 1 million tonnes per annum with a backward integration by setting up a 0.7 million tonnes pellet plant utilising the existing infrastructure of 500 acres of land, water and private railways sidings, it said.