MISL shows strong Q3 profit, sales jump by 22 per cent

BY NALINI SAHU

Bhubaneswar, Jan. 25: The Mideast Integrated Steels Limited (MISL), the flagship company of Mesco Steel Group, has achieved a total sales of Rs 590.46 crore in the first nine months of the current financial year, a record for nine-month period in a year.

In the third quarter (October-December) of 2013, the company achieved total sales of Rs 200.38 crore, 22 per cent higher than the sales made in the same quarter in the last year.

“In the third quarter the profit before tax (PBT) is estimated to be around Rs 55 crore,” Rita Singh managing director of MISL, said here on Sunday.

Ms Singh informed that the current performance is on top of the outstanding performance made y the company in the last four years.

It may be mentioned here that the MILS has declared 7.5 per cent dividend for the financial year 2012-13.

Stating that the company has started the process for raising working capital and it was not being rated by the credit rating agency for this, the MD said MISL planned to rase about $400 million for funding the expansion projects.

“The company is on track for brown-field expansion of the steel plant for raising its capacity from 1.20 MTPA to 3.50 MTPA in two phases. The construction will start the moment environmental clearance for the expansion is granted,” she informed.

Sources said the state government has already granted recommended for the environment clearance after completion of public hearing at Kalinga Nagar.

Ms Singh stated that MISL had identified some steel companies in Odisha as acquisition targets. “Some steel companies are in distress due to mismatch of facilities, raw material supply constraints and management issues together with high debts,” she said.