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Coimbatore, July 20

Southern Iron and Steel Company Ltd (Siscol), an integrated steel plant in Salem district belonging to the JSW Group, has said that first-quarter net sales rose 86 per cent to Rs 237.26 crore, while EBIDTA shot up to Rs 47.65 crore, clocking 105 per cent growth. The operating profit margin stood at 20 per cent, while profit before tax was Rs 15.07 crore. The company repaid Rs 24-crore debt during the quarter. The company, which was ailing before it being taken over from the Coimbatore-based LMW Group, has also made provision for the first time for payment of tax, according to a release.

The release added that steel production was up by 34 per cent, while sales realisation grew 86 per cent. In terms of operational performance, production of billets stood at 95,174 tonnes (66,516 tonnes), an increase of 43 per cent. The production of rolled products stood at 78,481 tonnes (58,449 tonnes), up 34 per cent. The plan to increase production capacity from 0.3 million tonnes per annum (mtpa) to one mtpa is under way and in view of its phased commissioning, the company expects steel production to double to 0.6 mtpa during the current fiscal. - Our Bureau

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