The Hindu Business Line : Jindal Vijayanagar Steel net profit at Rs 225.53 cr

JINDAL Vijayanagar Steel Ltd today reported a net profit of Rs 225.53 crore for the quarter ended December 31, as against the previous corresponding loss of Rs 59.88 crore.

The company's net sales/income from operations was Rs 788.41 crore (Rs 654.75 crore for the year ago period). Its profit before interest, depreciation, exceptional items and taxation was Rs 255.33 crore (Rs 185.23 crore).

Depreciation was steady at Rs 79.02 crore (Rs 76.08 crore) while interest dipped to Rs 115.11 crore (Rs 165.37 crore). Profit before exceptional item and tax was Rs 45.21 crore (Rs 71.91 crore-loss).

There was a Q3 exceptional item of Rs 226.28 crore, touching Rs 242.46 crore for the nine-month period.

An official statement said, it "represents the benefit on account of settlement of outstanding dues (including waiver of principal amount of Rs 166.83 crore) to certain foreign lenders.''

It further said, sanction letter has been received from Unit Trust of India for settlement of outstanding dues of Rs 603.74 crore and benefits accruing thereof will be accounted for on compliance of the terms and conditions.

For the nine-month period, JVSL had a net profit of Rs 271.86 crore (Rs 199.82 crore-loss) on net sales / income from operations of Rs 2,312.36 crore (Rs 1,687.21 crore).

The statement said current and previous nine-month figures are not comparable as commercial operations of pellet and corex-2 plants commenced only in the later part of the corresponding previous year.