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The Rs.5,000 crore steel manufacturing arm of Visa Group, Visa Steel, has logged in a net profit of Rs.8.71 crore for the second quarter of this fiscal which ended on Sep 30 as against the Rs.20.1 crore registered during similar period last fiscal.
But the company has registered a stable revenue for the quarter ended on Sep 30.
"We have focused on reducing our raw material costs especially coking coal, iron ore and chrome ore. Power costs have also fallen significantly due to commissioning of the 50 MW power plant," said the Visa Steel Managing Director Vishal Agarwal.
