BS reported that steel manufacturer Prakash Industries reported a 2% jump in its net profit at INR 71.1 crore for the first quarter ended June 30. The company had posted a net profit of INR 69.6 crore in the April to June period of the previous financial year.

It said that the income from operations in the first quarter of the current fiscal increased to INR 498.5 crore over INR 464.4 crore for the corresponding period of 2010-11 fiscal.

The domestic steel maker said the performance of its integrated steel unit had been satisfactory although there was volatility in the market during the quarter. Its sponge iron production grew by about 23% while power generation went up by 9%.

Talking about its future outlook, Prakash Industries said that it was mulling to diversify into power sector and was setting up a 625 MW power plant in Chhattisgarh in phases. The company said it was also planning to expand its steel capacity in the current fiscal for higher level of integration.

(Sourced from BS)