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Net profit of Steel Exchange India rises

Net profit of Steel Exchange India rises
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The net profit of steel maker and trader Steel Exchange India rose to Rs 5.85 crore during October-December 2012 from Rs 3.86 crore in the same quarter of previous year.

But sales of the firm contracted slightly to Rs 304.89 crore during the quarter, from Rs 355.22 crore in the year-ago period.

The company expects to save costs considerably with the recent launch of captive power plant apart from assured supply of power. These savings will be reflected in the coming quarters, the firm said.

Besides manufacturing steel, the company has a portal-based steel trading platform.

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