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Bhushan Steel Ltd reported a 19.5 per cent growth in net profit for the fourth quarter ended March 2011, aided by higher domestic sales.
Net sales of the country's third largest secondary steel producer grew by 22 per cent for the period, despite a 4 per cent decline in exports. It reported a net profit of Rs 287.96 crore on revenues of Rs 1966.16 crore for the March quarter against a net profit of Rs 240.93 crore on revenues of Rs 1,608.74 crore in the corresponding previous quarter.
Operating profit margins for the March quarter improved to 32.56 per cent from the December quarter's 28.19 per cent. Domestic sales grew 30.5 per cent, accounting for 84 per cent of total sales for the period. For financial year 2010-11, Bhushan Steel reported a net profit of Rs 1,033.07 crore on revenues of Rs 7,000.46 crore against a net profit of Rs 845.80 crore on revenues of Rs 5640.35 crore the previous year.
Authorised capital
The company's board on Saturday approved the increase in the authorised capital from Rs 150 crore to Rs 225 crore by creation of 75 lakh preference shares of Rs 100 each. It also approved further issue of securities not exceeding $1 billion.
Shares of Bhushan Steel had closed marginally lower on the BSE at Rs 471.10 on Friday.
During the March quarter, Bhushan Steel commissioned its hot strips mill and allied plants in Orissa.
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