Business Daily from THE HINDU group of publications
Wednesday, Jul 25, 2007
ePaper
Business Daily from THE HINDU group of publications Wednesday, Jul 25, 2007 ePaper |
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Corporate Results
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Steel Jindal Stainless Q1 net up 63%
Our Bureau New Delhi, July 24 Jindal Stainless, an integrated manufacturer of stainless steel, for the first quarter ended June 30, 2007, has reported a 63 per cent increase in net profit. The net profit for the quarter was Rs 82.6 crore against Rs 50.79 crore in the same quarter of the previous year. The net sales increased 40 per cent to Rs 1,196.82 crore (Rs 854.87 crore). A release from the company said that the growth in net sales was influenced by export sales, which grew by 56 per cent while the domestic sales reported a 32 per cent increase. “During the quarter we experienced diversified demand for stainless steel from both new and existing customers across key verticals and geographic markets. Another key factor has been the company’s ability to produce cost-effective products and its flexibility to meet market requirements,” Mr Ratan Jindal, Vice-Chairman and Managing Director, Jindal Stainless, said in the release. The company is looking at setting up 0.8 million tonnes per annum (mtpa) greenfield facilities in Orissa, which has a provision for further expansion to 1.6 mtpa.
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