Vikas Lifecare recycles plastic waste to manufacture pallets and interlocking tiles for industrial applications. 

Recycling player Vikas Lifecare has posted a manifold jump in its standalone net profit at Rs 13.31 crore during the June quarter, on account of higher income.

It had clocked a net profit of Rs 2.33 crore in the April-June period of the preceding 2022-23 fiscal, the company said in a statement on Monday.

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The company’s total income increased to Rs 106.30 crore in the quarter under review, from Rs 88.87 crore in the year-ago quarter.

Expenses were at Rs 91.77 crore, as against Rs 86.71 crore a year ago.

Last month, Vikas Lifecare announced its plans of foraying into manufacturing of smart meters in a 49:51 joint venture (JV) with Indraprastha Gas Limited (IGL).

As part of the agreement, a manufacturing unit will be set at an initial investment of Rs 110 crore to manufacture smart meters.