Durgapur-based ASP Q1 net profit Rs 3 cr
Durgapur-based Alloy Steels Plant has posted a net profit of Rs 3 crore in the first quarter this year. This is also the first time ever that ASP, which has been mired in losses for nearly a decade has earned record net profits in the first quarter.
By TNN |
KOLKATA: Durgapur-based Alloy Steels Plant has posted a net profit of Rs 3 crore in the first quarter this year. This is also the first time ever that ASP, which has been mired in losses for nearly a decade has earned record net profits in the first quarter.
The financial performance of the special steels unit has been driven by substantial production increases in all areas. Saleable steel output recorded a jump of 16% totaling 44,715 tonnes in the first four months this year, surpassing the previous corresponding level of 38,694 tonnes.
Similarly, crude steel production went up to 49,133 tonnes, up 3% over the previous corresponding period, while liquid steel production shot up to 51,732 tonnes recording a growth of 3%. The growth in sales in the first four months was a significant 23% at 45,283 tonnes against 36,912 tonnes produced last year.
The first phase of modernisation comprising of commissioning of new electric arc furnace, Argon Oxygen Decarburization (AOD) unit and cryogenic air separation plant is expected to be completed shortly.
Next on cards is an upgradation of forge shop and heat treatment facilities. The facilities at ASP are also being augmented to supply bulb bars for ship building by the Indian Navy.
Liquid steel production to 5.34 lakh tonnes annually from the present level of 1.64 lakh tonnes after the upgrade is complete. Similarly, production of stainless steel slabs is scheduled to go up to 1.9 lakh tonnes and long products comprising blooms, rounds, billets, forgings will be enhanced to 2.7 lakh tonnes. This would also bring in greater synergy between Alloy Steels Plant and Salem Steel Plant, with some 1.9 lakh tonnes of stainless steel slabs to be sent to the latter for finishing into both hot and cold rolled coils for sale directly to customers.
The financial performance of the special steels unit has been driven by substantial production increases in all areas. Saleable steel output recorded a jump of 16% totaling 44,715 tonnes in the first four months this year, surpassing the previous corresponding level of 38,694 tonnes.
Similarly, crude steel production went up to 49,133 tonnes, up 3% over the previous corresponding period, while liquid steel production shot up to 51,732 tonnes recording a growth of 3%. The growth in sales in the first four months was a significant 23% at 45,283 tonnes against 36,912 tonnes produced last year.
The first phase of modernisation comprising of commissioning of new electric arc furnace, Argon Oxygen Decarburization (AOD) unit and cryogenic air separation plant is expected to be completed shortly.
Next on cards is an upgradation of forge shop and heat treatment facilities. The facilities at ASP are also being augmented to supply bulb bars for ship building by the Indian Navy.
Liquid steel production to 5.34 lakh tonnes annually from the present level of 1.64 lakh tonnes after the upgrade is complete. Similarly, production of stainless steel slabs is scheduled to go up to 1.9 lakh tonnes and long products comprising blooms, rounds, billets, forgings will be enhanced to 2.7 lakh tonnes. This would also bring in greater synergy between Alloy Steels Plant and Salem Steel Plant, with some 1.9 lakh tonnes of stainless steel slabs to be sent to the latter for finishing into both hot and cold rolled coils for sale directly to customers.
Start a SIP with as low as ₹500 with ET Money App!
Download
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
ADVERTISEMENT
