Shyam Metalics and Energy Ltd. on Thursday reported a 55% year-on-year drop in net profit for the second quarter ended September 2024 to Rs 216 crore amid a healthy growth in revenues. Revenue for the quarter stood at Rs 3,634 crore, a 23.6% jump over the corresponding quarter ended September 2023, the company said in a statement.
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The company attributes decline in profits during the quarter owing to adjustment of Rs 328 crore for deferred tax asset and reversal of Income Tax provision on account of brought forward losses arising on acquisition of Mittal Corp Ltd. in the year before quarter.
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The company stated that EBITDA margin for the second quarter was 11.2%.
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