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Thursday, Nov 02, 2006

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Essar Steel Q2 net profit up 51 pc

Our Bureau

Mumbai , Nov. 1

Essar Steel Ltd (ESL) has reported a 51.70-per cent jump in its net profit for the second quarter of the current fiscal to touch Rs 154.34 crore against Rs 101.74 crore in the corresponding quarter of last fiscal.

During the quarter, the company notched up a total income of Rs 2,081.58 crore against Rs 1,589.30 crore in the second quarter of last fiscal, representing a 30.97 per cent increase.

The company said its expansion programme from the current level of 3 million tonnes to 4.6 million tonnes was progressing as per schedule. As part of this activity, it had to plan a major shutdown for up-gradation of its steel mill and allied facilities. This, coupled with the Surat floods, had impacted production at its Hazira plant. "In spite of this, steel output increased by 18 per cent to 6.86 lakh tonnes during the quarter," a company press release said.

Total sales registered a growth of 12.53 per cent at 6.92 lakh tonnes. Consolidating its presence in the European and NAFTA regions, the company has also initiated business in Africa. It has also forayed into new markets in the segments of furniture making, drums and barrels, elevators, electrical industries and panel manufacture, with about 45 per cent of its production falling in the value-added segment.

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