India’s Lloyds Metals and Energy Limited (LMEL) achieved a net profit of INR 2 billion ($23.70 million) in the fourth quarter (January-March) of the fiscal year 2024-25, a decline of 27 percent over the corresponding quarter of the previous fiscal year, according to a company regulatory filing on Monday, April 28.
The company reported operational revenues of INR 11.93 billion ($140 million) during the quarter, a fall of 23 percent year on year.
The LMEL board is seeking shareholders’ approval to raise INR 50 billion ($587 million) through equity shares, bonds, debentures, convertible warrants, preference shares, or other equity-linked securities, the company said.
LMEL is engaged in iron ore mining, direct reduced iron (DRI) production and power generation, operating three verticals of sponge iron, mining and power generation in the western state of Maharashtra.