Mumbai (Maharashtra) [India], November 20 (ANI/PRNewswire): La Tim Metal & Industries has clarified that their earnings were Rs. 1220.39 lakhs and not Rs. 1220.39 crores as stated earlier.
"We had erroneously forwarded the following results to you: La Tim Metal & Industries consolidated Q2 and Half year 2021 earnings: PAT up 90 % at Rs. 1220.39Crores.Please consider the above PAT amount as 1220.39 lakhs instead of crores. The error is regretted," Sandip Timbadia, CEO, La Tim Group.
La Tim Metal & Industries, a listed company has been in the steel trade since 1987 and deals with importing and trading of Colour Coated Steel Sheets, delivered a stellar performance Consolidated Revenue up by 46% half yearly to half yearly comparison, Net Profit up by 90% and EBITDA up 69%
The directors of the company Rahul Timbadia and Kartik Timbadia have been in Steel Trade since 1972. Rahul Timbadia was Director of Bombay Iron Merchants" Association for about 9 years.
"The company's focus is on establishing the marketing for a pan India network of color coated steel. La Tim Sourcing (India) Pvt Ltd (a 100% subsidiary of La Tim Metal) started production of color coated steel in India from April 2018. After a sluggish start, the current year is looking bright with trade being serviced for our various branches in Chennai, Cochin, Jaipur and others.
The South of India is a very big market for us as it has a higher demand due to the fact most of the main plants like Jindal Steel, AMNS Steel, Tata Steel etc. are located either in Eastern, Western and Northern India. We cater to this market through goods from our factory sent through the coastal route. This has turned out to be an extremely viable and profitable model for us.
We continue to see and foresee substantial economic growth in India in the years to come. Steel is a commodity that is directly linked and proportionally connected to the growth of a nation.
We are in the constant search and lookout for worthy partners and investors who can help us leverage this market and model and create a dynamic strategy towards exponential growth," said Rahul Timbadia
One of the key developments is that La Tim Metal is looking at Backward Integration as the next form of expansion.
The above is an extract of the detailed format of quarter and half year ended financial results filed with the Stock Exchanges under Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. These financial results were reviewed by the Audit Committee, and were approved by the Board of Directors, in their respective meetings held on 12th November, 2021.
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