Business Daily from THE HINDU group of publications
Tuesday, Oct 30, 2007
ePaper | Mobile/PDA Version
Business Daily from THE HINDU group of publications Tuesday, Oct 30, 2007 ePaper | Mobile/PDA Version |
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Corporate Results
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Steel Corporate - New Projects Steel sector boom propels Ferro Alloys Q2 net profit 
Our Bureau New Delhi, Oct. 29 The surge in the steel sector has helped Ferro Alloys Corporation (FACOR) record a 248.05 per cent rise in its net profit for the second-quarter ended September 30, 2007. The group’s net profit was at Rs 43.75 crore against Rs 12.57 crore in the corresponding previous quarter. The net sales of the group recorded an increase of 52.37 per cent to Rs 266.07 crore against Rs 174.6 core in the corresponding previous quarter. “Apart from the boom in the steel sector, better management of the production facilities and also cost-cutting measures have helped phenomenal rise in the net profit for the current quarter,” Mr R.K. Saraf, Chairman and Managing Director, Ltd, told reporters here on Monday. Mr Saraf also announced that the group would be investing around Rs 3,000 crore in the next four years on various expansion plans. Out the total investment, around 30 per cent would be raised from internal accruals and the rest from debt. In the first phase, the group would be setting up a 45 MW captive coal-based power plant in Orissa. A separate division called Facro Power Ltd has been created for this purpose and the project is likely to be commissioned in 18 months after January 2008. Also in the first phase, it plans to invest Rs 25 crore for setting up a forging unit. The group will also be investing Rs 2,500 crore to set up a 5 lakh tonnes greenfield stainless steel plant in Orissa and a 250-MW power plant. More Stories on : Steel | New Projects
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