The Hindu Business Line : Jindal Stainless posts higher net profit

MUMBAI: Jindal Stainless Ltd on Monday reported a higher net profit of Rs 66.38 crore for the quarter ended December 31, 2004, as against the previous corresponding Rs 47.50 crore.

At the same time, the company's net sales increased to Rs 847.17 crore (Rs 587.35 crore for the year-ago period).

Its board has announced an interim dividend of 60 per cent (Rs 1.20 per equity share of Rs 2) for the financial year ending March 31, 2005.

According to an official statement, production for the third quarter was up 25 per cent to 137,485 mt.

"However, during the same period, net sales increased by 44 per cent to Rs 847 crore due to higher sales realisation coupled with shift to higher value-added segments," it said.

For the nine-month period, the company had a net profit of Rs 157.25 crore (Rs 132.78 crore) on net sales of Rs 2,223.60 crore (Rs 1,646.99 crore).

The company has said that export markets, particularly Asia including China, continue to do well. "We do not see any overflow of steel supply in China any time soon, especially for the high-end products, which we are producing.

"Exports in the current quarter increased to Rs 335 crore which represents a 36 per cent growth," the statement said.

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