The Hindu Business Line : Jindal Stainless Q1 net up 7 pc; sales rise 19 pc

JINDAL Stainless Ltd has reported a seven per cent rise in profit after tax to Rs 50.1 crore for the first quarter ended June 30, 2004, as against the previous corresponding Rs 46.9 crore.

Its net sales were up 19 per cent to Rs 643.2 crore (Rs 539.2 crore for the year ago period). Interest outgo declined by 27 per cent to Rs 10.9 crore (Rs 14.9 crore).

The company has increased its focus on domestic sales due to non-availability of export benefits.

Production for the period grew by nine per cent to 1,30,441 tonnes (1,19,207 tonnes) while sales volume increased by five per cent to 1,09,612 tonnes. "Production and sales growth has been lower in the current quarter as a result of partial shutdown of the plant on account of the ongoing expansion/upgradation," an official statement said.

According to it, the company is at an advanced stage of acquiring a cold rolling downstream unit in South-East Asia. It also proposes to set up a downstream service centre in Gurgaon to cater to value added customer requirements.

This will be done as a joint venture with a leading service centre from Europe.