Steel manufacturer Kamdhenu Ltd announced a significant 56% increase in net profit, reaching Rs 168 million in the March quarter, compared to Rs 108 million in the corresponding period last year, fueled by a surge in income. The company's total income surged to Rs 1.84 billion, up from Rs 1.68 billion in the January-March quarter of FY23.

However, total expenses also witnessed a rise, reaching Rs 1.61 billion from Rs 1.53 billion in the year-ago period.

In a move to reward shareholders, the board of directors has proposed a final dividend of Rs 2 per equity share of face value Rs 10 each for the fiscal year ending March 31, 2024.

Kamdhenu Ltd's CMD, Satish Kumar Agarwal, disclosed plans for raising Rs 1 billion through the issuance of convertible warrants on a preferential basis over the next 18 months. A fraction of this, Rs 242.7 billion, has already been secured.

Agarwal outlined the strategic utilization of the capital, aiming to revamp the franchisee business, invest in existing and new ventures in India or overseas, enhance manufacturing capabilities, and acquire new office spaces.

Speaking on the sector's outlook, Agarwal expressed optimism, citing significant growth prospects driven by the government's robust support for infrastructure projects, including initiatives like housing for all.

Part of the esteemed Kamdhenu Group, Kamdhenu Ltd stands as India's premier TMT manufacturer, with a widespread presence across more than 20 states.