The Hindu Business Line : Indian Seamless Q1 net at Rs 7 cr

THE Pune-based Indian Seamless Steels and Alloys Ltd has, for the first time since inception in 1993, recorded profit for the year 2003-04. The company has recorded a turnover of Rs 526.96 crore and a net profit of Rs 1.61 crore for this period. This is an increase of 32 per cent as against the previous fiscal, 2002-03.

According to an official communication, the company has also registered a monthly dispatch level of 18,000 tonnes and is all set to increase the production and dispatch to touch 20,000 tonnes per month, in the next six months. The dispatches had touched 1,91,430 tonnes for the fiscal ended March 2004, recording an increase of 14 per cent.

In the first quarter of the current fiscal, the company has registered a turnover of Rs 174.7 crore, compared to Rs 104.13 crore, up by 68 per cent. It has recorded a net profit of Rs 7 crore in the same period. The company has already dispatched about 49,334 tonnes, an increase of 24 per cent as compared to the corresponding period last year.

The parent company Indian Seamless Metal Tubes (ISMT) Ltd has posted an income of Rs 529.7 crore, up by nine per cent, and the cash profit has increased by over 100 per cent to touch a cash breakeven level. The losses have been reduced from Rs 38 crore to Rs 14 crore.