Steel Exchange India reports 96 per cent decline in standalone net profit

11 May 2015

Steel Exchange India Ltd (SEIL) today reported 96 per cent decline in its standalone net profit at Rs 1 crore for the quarter ended March 31, 2015 on account of higher finance cost and tax expenses. 

The firm, part of the Vizag Profiles Group, had posted a net profit of Rs 23.11 crore in the year-ago period, it said in a BSE filing. 

The company's total standalone income, however, rose by 21 per cent to Rs 415.15 crore in January-March quarter of last fiscal from Rs 342.79 crore in the same quarter of 2013-14, it added. 

The firm's finance cost during the fourth quarter of 2014-15 fiscal rose to Rs 36.57 crore from Rs 25.17 crore in the same quarter of 2013-14 fiscal. 

Tax expenses also rose to Rs 6.31 crore from Rs 3.28 crore during the reported quarter. 

For the entire 2014-15 fiscal, SEIL's standalone net profit fell by 21 per cent to Rs 28.46 crore from Rs 35.82 crore in 2013-14 fiscal. 

Total standalone income, however, rose 25 per cent to Rs 1,565.37 crore from Rs 1,255.47 crore during the period. 

SEIL shares were trading 2.74 per cent up at Rs 39.40 apiece during afternoon session on the BSE.