New Delhi, May 6 (PTI) Steel maker Kamdhenu Ltd on Monday posted a 56 per cent rise in net profit to Rs 16.8 crore in the March quarter compared to Rs 10.8 crore in the year-ago period on the back of higher income.

Its total income rose to Rs 184 crore in the period under review from Rs 168 crore in the January-March quarter of FY23.

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The company's total expenses also rose to Rs 161.59 crore as against Rs 153.22 crore in the year-ago period.

The board of directors have recommended a final dividend of Rs 2 per equity share of face value of Rs 10 each for the financial year ended March 31, 2024.

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In a separate statement, Kamdhenu Ltd CMD Satish Kumar Agarwal said the company is raising Rs 100 crore through an issue of convertible warrants on a preferential basis over the next 18 months. Of this, it has already received Rs 24.27 crore.

"Through the capital raise, the company will look to re-model the franchisee business by acquiring stake strategically in some of the franchisee units, invest in existing and new business ventures in India or overseas for diversification, incur capex in the existing manufacturing unit and/or acquire and set up of new office premises," he said.

On the outlook for the sector, Agarwal said, the sector is expected to continue to see large growth opportunities on the government's strong push for infrastructure projects which includes schemes like housing for all initiatives.

Part of Kamdhenu Group, Kamdhenu Ltd is India's leading TMT manufacturer with a presence in over 20 states.

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