Indian iron ore miner and steel producer Lloyds Metal and Energy Limited (LMEL) has reported a net profit of INR 3.31 billion ($39.94 million) in the third quarter (October-December) of the fiscal year 2023-24, up 44 percent year on year, a company statement said on Tuesday, January 23.
Total revenue from operations was reported at INR 19.1 billion ($230 million) during the quarter, up 91 percent over the corresponding quarter of the previous year.
The company also approved construction of a 4 million mt per year capacity pellet plant including a slurry pipeline, at its existing plant site at Ghugus in the western state of Maharashtra.
An investment to the tune of $271 million will be riding on the pellet plant project to be funded through internal accruals, the company said.