Nova Iron & Steel Posts Profit of Rs. 14,879.22 Lakhs in FY 2024-25, Plans to Expand Production Capacity

Nova Iron & Steel Ltd. has reported a profit of Rs. 14,879.22 Lakhs in the Financial Year 2024-25, a significant turnaround from the loss of Rs. 9,380.09 Lakhs in the previous year. The increase in profit is mainly due to the written back of outstanding borrowings. The company is also planning to expand its production capacity from 500 TPD to 1.5 Million Ton/Annum and install a Captive Power Plant of 311.5 MW in a phased manner. The expansion includes the installation of a 12 MW WHRB Captive Power Plant and Steel Melting Shop (2,52,450 Ton/Annum) in 2016 and a 12 MW Coal Based captive power plant in 2020. The company is also working to reduce its debt liability by realizing assets.