India: Prakash Industries Commence Production at 4th New Wire Rod Unit

Prakash Industries ltd. one of the largest long steel producers in Central India has started its new 4th wire rod unit in Raipur as per an official's report. Company has also started its trial operation and initially it is going to make around 150-200 MT wire rod per day. Although, production capacity of new unit is about 800 tonnes per day and gradually it will increase production in coming time.

Apart new unit, the company has an existing capacity of about 1.1 MnT per annum finished steel mills (Wire Rod, TMT Bars, Structure) based in Raipur as per the company's website. However, as per an official, company is now producing close to 2,200-2,300 tonnes per day of wire rod in all three running units. After taking the full production from its 4th wire rod unit, company is targeting to produce about 3,000 tonnes per day from all four units.

Results Update:

Prakash Industries has registered quarterly sales volumes growth of 22% in Q3 FY19 as against corresponding quarter of the last financial year and stood at around 2,57,484 MT as per recent press release.

The Company also reported that its net sales has crossed more than INR 1,000 crores in Q3 FY19 for the first time ever, registering growth of 41 % as against corresponding quarter of the last financial year.