The firm had posted a net profit of Rs 109.7 crore in the year-ago period, it said in a filing to the Bombay Stock Exchange (BSE).
Bhushan Steel's total income stood at Rs 1,217.96 crore for the latest quarter, compared to Rs 1,069.69 crore in the year-ago period.
The company posted a net profit of Rs 411.12 crore for the year ended March 31, a rise of 31.2 per cent over the previous fiscal.
Bhushan Steel had a net profit of Rs 313.26 crore in the same period a year ago.
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The firm's total income stood at Rs 4,257.40 crore for FY08, compared to Rs 3,868.16 crore in the previous fiscal.
The figures for the year ended March 31, 2007 are audited, it said.
Shares of the firm closed at Rs 818.20, up 2.72 per cent on the BSE.