This Ace Investor Dolly Khanna and Mukul Agrawal stock which deals in the business of Steel Products manufacturing and sale and Power generation is in focus after the company received permission for Coal Mining in Chhattisgarh.
Price Movement
Prakash Pipes Limited‘s stock in Tuesday’s session was trading at Rs. 170.65 per share down by 1.95 percent from the previous closing price of Rs. 174.05. The stock has delivered a negative return of around 6 percent in the past year and has underperformed the Nifty Index in the same period.
Ace Investor Stake
As of the December 2024 quarter, Ace Investor Dolly Khanna is invested and holds around 1.28 percent stake increased from 1.17 percent in the September 2024 quarter. Another Ace Investor Mukul Mahavir Agrawal is invested in the company by holding around 1.4 percent stake and being consistent in stake.
What Happened
The company received the required permissions to enter into the Bhaskarpara Coal Mine from the Collector Office (Mining Branch) in the district of Surajpur in the state of Chhattisgarh for Coal Mining. The company will start mining operations immediately and expect the coal extraction at the start of the upcoming month. The coal supply aids the integrated steel plant operations which can result in improving efficiency and cost reductions. Prakash Industries can sell coal in the market as it is a commercial mine and can result in higher profitability.
Business Segments
As per the recent December 2024 results, the company recognizes its revenue from operations from Iron and Steel.
Financial Performance
Their Q2FY25 results show revenue from operations of Rs. 1,077 crore which increased by 21.14 percent year on year, from Rs. 889 crore in Q2FY24 and a 7.71 percent decline from Rs. 1,167 crore in Q1FY25. Their net profit increased by 1.12 percent year on year, from Rs. 89 crores in Q2FY24 to Rs. 90 crores in Q2FY25. Quarterly, the profits remained flat quarter on quarter.
About the company
Prakash Industries Limited was established in 1980. It is a leading integrated steel and power company in India that specializes in manufacturing sponge iron, steel products, and renewable energy generation.
Written by Santhosh S
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