26-Feb-2024Today's Market Indicators

Godawari Power resumes operation of sponge iron plant
(13:04, 25 Mar 2023)
Earlier on 11 February 2023, the company said its sponge iron plant reached capacity utilization level of 98.5% till date and it is required to keep the overall production volumes within the environmental approval limit and therefore was required to shut down the plant with effect from 13 February 2023.

Consequent upon shut down of sponge iron plant, the waste head recovery power plant, steel billets rolling mill and wire drawing plants were also required to be shut down, as the facilities are dependent for input from sponge iron division.

The company said that the complete operations are expected to be resumed from 1 April 2023 onwards.

Godawari Power & Ispat has two captive iron ore mines, pellet plant and a vertically integrated steel plant in Raipur. The steel plant manufactures sponge iron, billets, MS rounds, HB wires, ferro alloys and pre-fab structures.

The company's consolidated net profit declined 60.98% to Rs 128.21 crore on 8.94% fall in sales to Rs 1,462.99 crore in Q3 FY23 over Q3 FY22.

Shares of Godawari Power & Ispat tumbled 4.94% to Rs 345.55 on Friday, 24 March 2023.

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