Indian steelmaker Kalyani Steel reported a jump of 87.24pc in its net profit for the quarter ending December 31, 2020 to Rs604mn ($8.28mn) against a net profit of Rs323mn ($4.42mn) in the prior-year quarter.
Total income for Q3 FY21 rose by 31pc to Rs3.7bn against Rs2.8bn compared to Q3 in 2019. Revenues from the operations during the first nine months (Jan-Dec) of FY21 were at Rs8.10bn ($0.11bn) against Rs9.27bn ($0.13bn) in the prior year.
The steelmaker has a capacity of 700,000mt per year of carbon and alloy steels in straight length forms.
Facility expansion in Karnataka by 2022
Kalyani Steels plans to install a coke-making facility and heat recovery captive power plant near its steel plant in Koppal district in Karnataka. The project is expected to be commissioned in September 2022.
The company would set up 15-17MW captive power plant to be operated utilising waste heat energy of flue gas generated from coke oven. The project costing about Rs2.11bn ($28.9mn) involves setting up of a 200,000mt per annum non-recovery/heat recovery, stamp charged coke oven with modified wet quenching of hot coke.
There will be captive consumption of the electrical power produced with this development.