The Hindu Business Line : Jindal Steel posts 142 pc rise in net profit

JINDAL Steel and Power Ltd has announced a net profit of Rs 121.50 crore for the quarter ended June 2004, registering a 142 per cent increase in profit compared to Rs 50.31 crore during the corresponding quarter of the previous financial year.

Net sales have increased by 104 per cent to Rs 613.13 crore as against Rs 300.56 crore in the corresponding quarter of the previous year.

During the quarter, the company reported increase in steel production by 51 per cent, power by 54 per cent, sponge iron by seven per cent and ferro chrome by 97 per cent. The company has produced 94,429 tonnes of steel in the current quarter compared to 62,610 tonnes in the corresponding quarter of the previous year. Power generation has gone up to 423 million KWH during the quarter as against 274 million KWH in the corresponding quarter of the previous year.

The company has produced 1,54,254 tonnes of sponge iron in the current quarter compared to 1,43,592 tonnes. Production of ferro chrome has gone up to 8,961 tonnes from 4,542 tonnes.

According to Mr Sushil Maroo, wholetime director of the company, this is the fifth consecutive quarter for the company to shoe record growth. It is giving major thrust to export business and this has resulted into major growth in export earnings to Rs 69.26 crore during the April-June 2004 quarter.

The company plans to increase its export earnings by more than 200 per cent in the current year compared to the previous financial year's Rs 81.44 crore, Mr Maroo said.