State-run Rashtriya Ispat Nigam (RINL) has reported an over two-fold jump in net profit at Rs 150 crore for the first quarter ended June 30, buoyed by a 15 per cent spurt in turnover.
The Vizag-based steel manufacturer had reported a net profit of Rs 74 crore in the corresponding quarter last fiscal.
Turnover of the company rose to Rs 2,976 crore during the quarter under review from Rs 2,582 crore a year ago, it said in a statement.
The rise in turnover was fuelled by a 38 per cent growth in by-product sales at Rs 150 crore, it added.
"The improvement in financial performance in Q1 has been mainly due to the growth in production, besides increase in turnover, high sales of by-products, etc," it said.
The financial performance also got adequately supported by market conditions, particularly during April-May period of the current year, RINL said.
During the first quarter, physical performance of the company improved compared to the same period last year, but production got affected in the month of June due to power restrictions by state grid, RINL Chairman and Managing Director A P Choudhary said.
Its hot metal production grew by seven per cent during the first quarter over the same period a year ago.