Business Daily from THE HINDU group of publications
Thursday, Nov 01, 2007
ePaper | Mobile/PDA Version
Business Daily from THE HINDU group of publications Thursday, Nov 01, 2007 ePaper | Mobile/PDA Version |
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Corporate Results
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Steel Export sales drive Ramsarup net up Our Bureau Kolkata, Oct 31 Profit after tax of Ramsarup Industries Ltd, engaged in production of steel wires, for the quarter ended September 30, 2007 has recorded a growth of 80 per cent at Rs 14.72 crore against the Rs 8.17 crore achieved during the same quarter of 2006-07. Net sales for the quarter under review have increased to Rs 331.96 crore from Rs 272.12 crore for the same quarter of 2006-07. This signifies an increase of nearly 22 per cent. According to Mr Ashish Jhunjhunwala, Chairman and Managing Director of Ramsarup Industries, the performance has been powered by a spurt in export sales, resulting in increase in revenues through higher realisations in the quarter. He put the export growth during the quarter at 18 per cent (from Rs 16.70 crore to Rs 10.73 crore). He said export sales were expected to touch Rs 100 crore this fiscal. The company, according to the CMD, was well on course to produce 6 lakh tonnes of steel wires and upstream wire products by 2010, from the current level of 2.33 lakh tonnes. Mr Jhunjhunwala said “we are vigorously pursuing our goal to be among the top 10 wire producers in the world in the next three years”. He said the company was also putting up facilities for backward integration, including a 7 lakh tonne steel unit to produce billets at Kharagpur. The construction of the greenfield project at Durgapur to produce steel wire for the infrastructure and power sectors has been completed ahead of schedule, he said. Power connection is expected by the first week of November. More Stories on : Steel
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