Monnet Ispat & Energy (MIEL) has reported unaudited results for the first quarter ended June 30, 2011.
The company has reported 0.61% rise in its first quarter net profit at Rs 73.15 crore against Rs 72.71 in the April-June quarter of the last fiscal. Its total income during the quarter also rose slightly to Rs 427 crore up by 1.67% from Rs 420 crore in the corresponding quarter of last fiscal.
In the reporting quarter the company had closed down its sponge iron manufacturing and power generation capacity at Raigarh for process improvement. However, its raw material consumption during the quarter went up by Rs 226 crore to Rs 252 crore.
