The Hindu Business Line : Essar Steel Q3 net at Rs 197 cr

ESSAR Steel Ltd on Friday reported a net profit of Rs 197.54 crore for the third quarter ended December 2004, after providing for finance cost of Rs 129.16 crore and a depreciation of Rs 100.73 crore along with a provision for deferred tax of Rs 5.49 crore.

Net loss in the same quarter last fiscal stood at Rs 21.74 crore after providing for a finance cost of Rs 136.55 crore and a depreciation of Rs 102.78 crore and a provision of deferred tax credit of Rs 11.34 crore.

The company has also finalised plans to increase its steel making capacity at its Hazira plant by around 50 per cent from the present 2.4 million tonnes per annum to 3.6 million tonnes per annum by March 2006 by debottlenecking existing operations.

Total income during the quarter stood at Rs 1,428.95 crore marking an increase of 53 per cent compared to Rs 931.58 crore turnover recorded in the same quarter last fiscal.

The company reported a profit before tax of Rs 203.03 crore as against a loss of 33.08 crore in the quarter ended December 2003.

The company sold 5.24 lakh tonnes of steel during the quarter of which 3.60 lakh tonnes were sold in the domestic market while the remaining 1.64 lakh tonnes were exported.

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page