The Hindu Business Line : Jindal Stainless net rises 78 pc; to pay 40% interim

IMPROVEMENT in net realisations and reduction in costs helped Jindal Stainless Ltd to report a 78-per cent increase in net profit at Rs 160.18 crore for the year ended March 2004 as compared to Rs 90.15 crore in the previous year.

The board has declared second interim dividend of 40 per cent, taking it to a total of 100 per cent.

Total income stood at Rs 2,417.72 crore (Rs 1850.12 crore) and exports rose 54 per cent to Rs 1,133.4 crore (Rs 735.2 crore).

In terms of cost, the company has been able to get a reduction on its interest cost. Net interest has come done to Rs 20.2 crore (Rs 84.3 crore). The average borrowing cost has fallen from 8.5 per cent in the beginning of the financial year to 5.5 per cent at the end of the year.

During the year, steel production increased by 16 per cent to 4,81,181 tonnes (4,16,489 tonnes).

Domestic sales rose 15 per cent to Rs 1,281.2 crore (Rs 1,110.5 crore). The profits would have been higher but for the extraordinary items. During the year, the company had discarded assets of Rs 14.15 crore and written off unrecoverable advances and receivables to the extent of Rs 18.66 crore.