Godawari Power & Ispat hit an upper circuit of 5% at Rs 1373.85 after the company said that it has become debt free by repaying all its long-term loans as on date.
The company's standalone long-term outstanding debt of Rs 1,369 crore standing as on 31 March 2017 which was scheduled to be repaid by FY 2032, was brought down to Rs 457 crore as on 31 March 2021 by substantial repayment of debt during last financial year from internal accruals, with improvement in financial performance of the company.
The balance outstanding debt of Rs 457 crore has been fully repaid by the company during the current year out of internal accruals.
On consolidated basis the long-term outstanding debt is Rs 340 crore, as on date, which is exclusively relating to Solar Power Project in Godawari Green Energy, which continues to be repaid out of cashflow of solar project. As on the date the instalments of solar power project term loan are repaid upto 31 October 2022.
Godawari Power & Ispat is an end-to-end manufacturer of mild steel wires. In the process, the company manufactures sponge iron, billets, Ferro alloys, captive power, wires rods (through subsidiary company), steel wires, oxygen gas, fly ash brick and iron ore pellets.
The company's consolidated net profit surged to Rs 326.95 crore in Q4 FY21 from Rs 33.37 crore in Q4 FY20. Net sales grew 60% YoY to Rs 1,262.25 crore during the quarter.
Powered by Capital Market - Live News
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
RECOMMENDED FOR YOU