Stainless steel maker Mangalam Worldwide Q2 net profit grows to Rs 10.5 cr

New Delhi, Oct 18 (PTI) Stainless-steel manufacturer Mangalam Worldwide has reported a 52 per cent year-on-year rise in consolidated net profit at Rs 10.53 crore for the quarter ended September 30, supported by higher revenues.

It had posted a net profit of Rs 6.91 crore in the same quarter last year, the company said in an exchange filing on Friday.

Its total income for the reporting quarter rose 33 per cent to Rs 318.52 crore from Rs 239.48 crore recorded last year.

Adjusted earnings before interest, taxes, depreciation and amortisation (adjusted EBITDA) stood at Rs 21.50 crore, up 59 per cent from Rs 13.48 crore in the year-ago period.

"We continue to focus on developing value-added products that enhance our operating margins and strengthen profitability," Chandragupt Prakash Mangal, Managing Director of Mangalam Worldwide, said.

Ahmedabad-based Mangalam Worldwide is an integrated stainless steel player with an annual capacity of 1,80,000 metric tonnes.

The company recently transitioned from SME platform to mainboard on National Stock Exchange. PTI ABI HVA