JSW Steel net up 31% to Rs 139 crore

JSW Steel has posted a 31 per cent growth in net profit during the quarter ended December 31, 2005 at Rs 139 crore against Rs 106.29 crore recorded in the previous quarter of the same year.

Gross turnover, however, came down by 2.7 per cent to Rs 1,645.63 crore for the third quarter compared with Rs 1,691.88 crore in the second quarter.

The quarterly figures include that of Euro Ikon Iron and Steel, Euro Coke and Energy and JSW Power, which were amalgamated into JSW Steel from April 2005.

Thus, said the company statement, the results were not comparable with figures of the corresponding periods of the previous year.

The company's EBIDTA increased by 11 per cent to Rs 438 crore from Rs 393 crore in the previous quarter. Cash profit went up by 18.5 per cent to Rs 348.54 crore.

"We expect prices to stabilise at about $400 a tonne and won't see the fluctuating market such as last year's," said Sajjan Jindal, vice-chairman and managing director.

"After the increase in capacity to two million tonne per annum in March 2007, 53 per cent of the company's production will be of value-added. We have also added a colour coating line," he added.

About the company's Jharkhand operations, Sheshagiri Rao, director, finance said, "We have identified the land and have made applications for mines."