Prakash Industries share price hit 52 week high of Rs 69.30 on the NSE today. With a view to substantially enhance its operating margin and profitability, Prakash Industries received a mining lease from the state government of Odisha. The Odisha government executed and registered a mining lease of iron ore and manganese ore in favor of the company in Keonjhar district of state for 50 long years. According to the plan, geological reserves are around 9.9 million tons.
Mining is forecasted to be developed 6 months down the line and thereafter the iron ore produce shall be used for captive purpose. Prakash Industries produced ferro alloys, MS TMT/MS Coil and allied products, HB Wire Rod and PVC Pipes and Sockets.
The firm deals in 3 segments:
- Power
- Steel
- PVC Pipes
In FY16 company posted a de-growth of 27.5 per cent in its revenues but managed to post 120 per cent growth in the net profit, driven by higher operating profit growth of 15.7 per cent. September quarter (Q2) too posted a de-growth of 12.9 per cent in revenues and net profits grew marginally by 3.6 per cent (QoQ).
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