Mumbai, June 06, 2007

Highlights Q4 FY07

Highlights FY07
 

•	Total Income for 2006-07 at Rs 7595 crores was higher by 52 %
•	EBIDT for FY 07 at Rs 1618 crores higher by 388 %
•	PBT for 2006-07 at Rs 3.37 crores against net loss before tax of Rs 1196.85 crores
•	Hot Rolled Coil production in 2006-07 at 2.68 million tonnes up by 25 %

Ispat Industries Limited (Ispat) posted a profit after tax (PAT) of Rs 82.12 crores for the January-March 2007 period (Q4 FY07) against a loss after tax of Rs 153.14 crores for the January-March 2006 period (Q4 FY06), improving its bottom line by Rs 235 crore.

Ispat’s Total income for Q4 FY07 at Rs 2141.58 crores saw an increase of 64.6% compared to total income in Q4 FY06. The profit before tax for Q4 FY 07 at Rs 134.04 crores against a loss before tax of Rs 225.44 crores also saw an upside of Rs 359.48 crores.

The company’s earnings before interest, depreciation and tax (EBIDT) at Rs 541.43 crores for Q4 FY 07 was higher by 256 % compared to an EBIDT of Rs 152.19 crores for Q4 FY 06.

For the 12-month period ended March 31, 2007, Ispat posted a profit before tax of Rs 3.37 crore, against a loss before tax of Rs 1196.85 crores for the year 2005-06. Ispat’s total income at Rs 7595.49 crores for 2006-07 against a total income of Rs 5010.73 crores for 2005-06, registered a top-line increase of over 52 %.

After posting a net loss after tax of Rs 812.67 crores for the year ended March 31, 2006, Ispat posted a nominal loss after tax at Rs 9.53 crores for the year ended March 31, 2007, after considering deferred tax charge of Rs 9.87 crores for 2006-07 and providing for taxes. This is as per the audited financial results announced today by the company.

The improved performance of the company was mainly on account of higher production and sales and shift towards value added product mix. In 2006-07, Ispat’s Hot Rolled Coil production at 2.68 million tonnes was higher by 25% compared previous year. Cold Roll Steel production at 2.95 lakh tonnes was higher by 8.8%, Galvanised Steel production at 2.58 lakh tonnes was higher by 11.1% and colour coated steel production was higher by 45% respectively compared to the preceding year.

Mumbai, January 20, 2007

Highlights

 

	Oct - Dec ‘06	Oct - Dec ‘05	% Change
Total Income	Rs 1865.26 crores	Rs 1276.65 crores	46%
EBIDT	Rs 380.99 crores	Rs 93.50 crores	307%
PAT	Rs 17.52 crores	(-) Rs 217.03 crores	-

Ispat Industries Limited (IIL) posted a profit after tax (PAT) of Rs 17.52 crores for the October-December 2006 period (Q3) against a loss after tax of Rs 217.03 crores for the same period last year. This indicates a positive impact of Rs 234.55 crores in Ispat’s net profit in Q3 2006-07 compared to corresponding period last year.

Ispat’s total income at Rs 1865.26 crores for Q3 2006-07 period was higher by 46% compared to a total income of Rs 1276.65 crores for the same period last year.

The company’s earnings before interest, depreciation and tax (EBIDT) at Rs 380.99 for Q3 2006-07 was higher by 307 % compared to an EBIDT of Rs 93.50 crores for same period last year.

Ispat posted a profit before tax for Q3 2006-07 at Rs 28.82 crores against a loss before tax of Rs 311.00 crores for the corresponding period last year.

Ispat’s Hot Rolled Coil (HRC) production in October – December 2006 period at 7.03 lakh tonnes saw an increase of over 20 % compared to same period last year, while HRC production for the 9-month period ended December 2006 at 19.72 lakh tonnes saw a growth of over 28% compared to corresponding period last year.

The improved performance was strengthened mainly on account of higher production and sales by scaling up capacity utilization and shift towards value added product mix.

Ispat completed its on-going project of installing the fourth shell of electric arc furnace. The company is now looking at further expanding its saleable steel making capacity at its integrated steel complex at Dolvi to 5 million tonnes per annum in addition to installation of a coke oven plant and pellet plant to further bring down the cost of production of steel.

Moreover, recently the company has signed a MoU with the Government of Jharkhand for setting up an integrated steel plant of 2.8 million tonnes capacity.

Also, Ispat has entered into a MoU with the Government of Chhattisgarh to set up a 600 MW coal-based thermal power plant in the state, the capacity of which will be partly utilized for captive consumption to feed Ispat’s Dolvi and Kalmeshwar complex’s growing need.

Highlights

Ispat Industries Limited signed a memorandum of understanding (MoU) today with the Government of Maharashtra to expand its steel-making capacity at its integrated steel plant at Dolvi in Raigad, Maharashtra.

Ispat’s expansion plan includes increasing its steel-making capacity from the present 3 million tonnes to 5 million tonnes per annum, entailing an investment of about Rs 2,000 crores and creating new employment opportunity to over 10,000 people, directly and indirectly. The steel-making capacity will also be scaled up to 10 million tonnes in later phases. The first phase of expansion will be completed over a period of 18 months from the date of commencement of work.

A second blast furnace, a coke oven plant and a new slab caster will be added to the existing facility in the expansion project. Ispat’s existing 3 million tonnes per annum integrated steel complex at Dolvi has been set up with an investment of over Rs. 10,000 crores and provides employment to over 6,000 people, directly and indirectly.

The MoU was signed by Mr V K Jairath, Secretary, Department of Industries, Government of Maharashtra (GoM) and Mr Vinod Mittal, Managing Director, Ispat Industries Ltd, in the presence of Mr Vilasrao Deshmukh, Hon’ble Chief Minister of Maharashtra, Mr Ashok Chavan, Hon’ble Minister of Industries, GoM, Dr D K Sankaran, Chief Secretary, GoM, Mr V R Sharma, Executive Director (Strategic Business) and Mr Anil Sharma, Director (Corporate Affairs) of Ispat Industries Ltd.

The Maharashtra government, which is keen to attract more investment in the state and strengthen its economy, has agreed to provide the necessary support for the project. The state government will also facilitate Ispat’s requirement of iron ore mines while the Maharashtra Industrial Development Corporation will act as a single window clearance agency for various infrastructure requirements of the expansion project.

Ispat Industries Limited’s Managing Director Mr. Vinod Mittal said, “We are grateful to the government for promising all necessary help to expedite the implementation of the expansion project.”

Speaking on the occasion, the Maharashtra Chief Minister Mr. Vilasrao Deshmukh said, “Ispat has contributed immensely for the development of the state by setting up the steel plant in Raigad. Ispat was the first company in the private sector, which made an investment of over Rs 10,000 crore in a sector like steel in the state of Maharashtra. I am happy to note that Ispat has planned to bring in fresh investment in its existing plant in Raigad to increase steel-making capacity.”

“This will definitely add to the development of the area and increase employment opportunities. The investment plan of Ispat is in tune with the Maharashtra government’s vision towards overall progress in the state, especially in the rural areas. We assure Ispat of all the assistance needed like iron ore requirement, etc, to take the project forward,” the Chief Minister added.

Minister for Industries, GoM, Mr Ashok Chavan said, “In Maharashtra, Ispat is in the forefront as far as investment in steel-making is concerned and this new project assumes significance considering the importance of steel in infrastructure development. The investment plan also proves that Maharashtra enjoys the confidence of industrialists regarding infrastructure and the support it provides.”

 

Ispat Industries announces Q2 results

Mumbai, October 18, 2006:

Ispat Industries Limited (IIL) has reported a net profit of Rs 2.32 crore for the second quarter ended September 30, 2006, as against a net loss of Rs 363.01 crore for the corresponding quarter of the previous fiscal.

IIL’s earnings before interest, depreciation and taxes (EBIDTA) during the July-September 2006 quarter stood at Rs 406.03 crore against a negative EBIDTA of Rs 149.66 crore in the corresponding period of the previous fiscal. During the quarter ended September 30, 2006, EBIDTA rose significantly by Rs 555.69 crore.

IIL’s total income for the quarter at Rs 1892.71 crore is up by 54% compared to the corresponding quarter of 2005-06.

In the first six-month period of 2006-07, the EBIDTA of the company has risen by 712% to Rs 695.65 crore from Rs 85.72 crore in the corresponding period last fiscal.

Commenting on the company’s performance, Mr Vinod Mittal, Managing Director, IIL, said, “The benefits from the 2.24 million tonne sinter plant and 1260 TPD oxygen plant, coupled with our continuous cost efficiency efforts and better sales realisations have helped the company to achieve improved financial performance during the quarter.”

During the first six months of the current fiscal, production of Hot Rolled (HR) Steel Coils stands at around 1.27 million tonnes. HR Coil production in the corresponding period last fiscal was 0.95 million tonnes. FOB value of exports during the half year ended September 30, 2006, at Rs 712.83 crore was higher by 75% compared to the corresponding period of last fiscal.

Ispat clarifies on Times of India news

Ispat Industries Limited would like to put the factual position for the information of Stakeholders, Shareholders and Public on the recent report in a section of the media that suggest that proprietary interest of Ispat has been offered to Jindal Steels belonging to Mr. Sajjan Jindal by ICICI Bank.

We have clarified the matter with ICICI Bank as well as Jindal Steel and both have stated that they never had any such discussion. Ispat would like to clarify that such news is baseless, without any substance and truth. To re-confirm this, ICICI Bank has informed Ispat vide its letter dated July 28, 2006 which clearly states that the report published in media is unsubstantiated.

The Core Sponsors Global Steel Holdings Limited with their affiliates are controlling majority stake i.e. more than 51% of the total equity capital of the Company and they have also confirmed and clarified, that they do not have any intention to dilute their shareholding in Ispat Industries Limited.

Ispat has already completed its 3 Million Tonne per annum Hot Rolled Steel Plant at Dolvi alongwith other auxiliary facilities which has brought down the cost of production. Ispat is further optimising its Hot Rolled Steel capacity to 3.6 Million Tonne per annum through de-bottlenecking and process improvement measures which would further reduce the cost

Ispat is also setting up a 110 MW Power Plant based on waste gases generated by its Blast Furnace through its subsidiary Ispat Energy Limited which will bring down the cost of power resulting into further reduction in cost of its Hot Rolled Steel.

Corporate Communications :
Devasis Chattopadhyay, Sr. VP, Mobile: +91 9820132534
Suman Das Sarma, General Manager, Mobile: +91 98200 51946

JSW rejects talk of interest in Ispat's Dolvi plant
Metal Bulletin PLC, London 28 July 2006

India’s Ispat Industries and JSW Steel both denied claims that Indian bank ICICI had offered Ispat’s main steel plant in Dolvi, near Mumbai, to Sajjan Jindal’s JSW Steel.

The denial followed a report in The Times of India claiming that ICICI, which it wrongly stated to be Ispat’s lead banker, had approached JSW to take over the plant, which has a crude steel capacity of 3 million tpy and operates a 2 million tpy blast furnace (MB May 2).

The paper also claimed that ICICI had offered financial concessions for the rival steelmaker to do so.

Ispat immediately denied the claims when contacted by MB and forwarded a copy of a letter sent by JSW finance director Seshagiri Rao to the newspaper rubbishing the story.

“We would like to clarify that JSW has not received any such offer from ICICI Bank,” the letter read.

It also denied that the newspaper had received confirmation of the offer from a source at JSW, saying, “There is no such source that can confirm such inaccurate news on behalf of our company and our group.”

ICICI deputy md Chanda Kochhar declined to comment on what she described as an un-substantiated news article.

Ispat Industries is currently operating under the Reserve Bank of India's Corporate Debt Restructuring (CDR) programme, which applies to companies that reach certain levels of indebtedness, especially where state-owned banks are the lenders.

Ispat, 51 percent owned by Pramod Mittal, his brother Vinod Mittal and their families, has debts of approximately Rs70 billion ($1.5 billion), around the same amount as the company’s annual revenue, according to Suman Das Sarma, a spokesman for the company.

“ICICI has less than 5 percent of the equity in Ispat while the other lenders and bankers control another 30 percent,” said Das Sarma.

“ICICI is not our lead banker ... [Furthermore] all the leading lenders have assured us there is no such intention to divest a stake in the company to any competitors ... The promoters of Ispat Industries [Global Steel Holdings] control 51 percent of the equity in Ispat directly and indirectly [and] have no intention to sell its proprietary interest in Ispat.”

Ispat’s lead banker is in fact the State Bank of India, while the steelmaker’s lead financier is the Industrial Financial Corp of India (IFCI).

Copyright © Metal Bulletin PLC. All rights reserved
 

Ispat' Q4 and Annual Results for year ended March 31, 2006

Mumbai, May 10, 2006

Highlights:
* Q4 vs. Q3 EBIDT in FY 06 more than doubles
* Q4 vs. Q3 income up
* Company on a turnaround trend
* FY06 and FY05 figures not comparable post IIL-IMIL merger
* Commissioned 2.24 mtpa sinter plant
* Commissioned 1260 tpd oxygen plant
* Additional EAF added to increase HR Coil capacity from 2.4 to 3.0 mtpa

Ispat Industries Limited (IIL) posted earnings before interest, depreciation & tax (EBIDT) of Rs 162.63 crore for the quarter ended March 31, 2006 (Q4) against an EBIDT of Rs 74.89 crore for the previous quarter ended December 31, 2005 (Q3), indicating a turnaround in performance. IIL’s income for Q4 at Rs 1447.67 crores was also up against a Q3 income of Rs 1423.40 crores. The trend is continuing with marked improvement in operational performance during April 2006.

IIL produced 2.144 million tonnes of Hot Rolled Coil (HRC) in 2005-06 as against 1.963 million tonnes in 2004-05. HRC sales at 2.108 million tonnes in 2005-06 were higher by 8% over sales during the previous year.

For the full year 2005-06, IIL’s EBIDT was also affected due to losses of Ispat Metallics India Limited (IMIL). The company posted an EBIDT of Rs 311.39 crores, after taking into account losses of IMIL during the year. IMIL has merged with IIL effective 26th October, 2005, after obtaining approvals of Calcutta and Bombay High Courts. The ‘appointed date’ of the merger was April 1, 2004.

IIL has since taken strategic measures by enhancing the HRC steel capacity from 2.4 to 3 million tonnes per annum by installing an additional state-of-the-art electric arc furnace (EAF) and other related facilities. The company has also commissioned a 2.24 million tonnes sinter plant and a 1260 tonnes per day oxygen plant during December 2005, which has led to significant reduction in cost of production due to low sintering cost and captive oxygen production. Demand for steel products, both in international and domestic markets, has shown marked improvement from March 2006.

IIL posted net loss of Rs 153.14 crores in Q4 2005-06 and Rs 812.67 crores for the 12-month period ended March 31, 2006 as against a net profit of Rs 38.00 crores and Rs 696.06 crores for corresponding period last year.

IIL’s performance during the year was affected due to capital repairs undertaken in the sponge iron plant during May-June 2005 and non-availability of natural gas due to fire at ONGC’s Mumbai High North platform on 27th July, 2005. Production of Hot Metal was also impaired for almost a month during September – October 2005 due to chilling of Blast Furnace. Steep fall in steel prices and increased cost of iron bearing raw materials added to the impact.

DATE: MAY 10, 2006
PLACE: MUMBAI

Issued by Corporate Communications Department
 

ISPAT ANNOUNCES Q2 RESULTS

Mumbai 25 October, 2005: 

Ispat Industries Limited (IIL) has reported a loss of Rs 71.08 crores before charging interest, depreciation and tax (EBIDTA) for the July-September 2005 quarter as compared to a profit of Rs 412.48 crores for the similar period last fiscal.

Heavy pressure on raw material prices; a devastating flood from the torrential Mumbai monsoon, especially in the Raigad district, where IIL’s integrated steel complex is located and the accident at GAIL’s Bombay High resulting in the stoppage of gas supply at Ispat’s Dolvi plant severely affected the company’s July-September 2005 performances.

Despite such trying conditions, IIL managed to increase its sales by Rs 36 crores to Rs 1198 crores during the period under review.

To improve its cost of production, IIL is in the process of commissioning a 2.2 million tonne sinter plant and the secondary electric arc furnace at its integrated steel complex at Dolvi. A 1266 TPDA oxygen plant will also be functional soon.

IIL posted a net loss of Rs 234 crores through its Q2 results.

The scheme of reconstruction and amalgamation of Ispat Metallics Limited with IIL is also nearing its completion and will be effective soon.

ISPAT'S Q1 AUDITED RESULTS

August 30, 2005

Ispat Industries Limited’s (IIL) earnings before interest, depreciation and tax (EBIDTA) for April-June, 2005, quarter (Q1) at Rs 267.99 crores registered a 29% increase compared to an EBIDTA of Rs 207.19 crores recorded in Q1 of 2004-05.

IIL posted a profit after tax (PAT) of Rs 1.20 crores for the April-June, 2005 quarter (Q1), as against a net loss of Rs 45.62 crores during Q1 of 2004-05.

IIL registered a gross income from operations of Rs 1311.15 crores in April-June 2005, compared to an income from operations of Rs 1307.41 crores during the corresponding quarter of 2004-05.

The Board of Directors of IIL approved the company’s audited financial results for the quarter ended June 30, 2005 at its meeting in Mumbai on August 30, 2005.

IIL carried out revamping and modification of its Directly Reduced Iron (DRI) Plant during Q1 of 2005.

IIL produced 4.98 lakh tonnes of Hot Rolled Coils during April-June 2005 quarter. Production of HRC was higher by 22% compared to same period last year.

To improve its cost of production, IIL is presently implementing its 2.2 million tonnes Sinter Plant and 1260 tonnes per day Oxygen Plant at its integrated steel complex in Dolvi, near Mumbai. IIL’s hot rolled steel making capacity at Dolvi is also being increased from 2.4 million tonnes to 3.0 million tonnes. All the above facilities will be commissioned in the 3^rd quarter of the current financial year.

The Scheme of Reconstruction and Amalgamation of Ispat Metallics India Ltd. with Ispat Industries Ltd. has been approved by the High Courts of Calcutta and Bombay. Requisite actions are being taken by both the companies to make the merger effective.

ISPAT INDUSTRIES LIMITED REPORTS AN INCREASE OF 137% IN ITS EBIDTA

Mumbai 29 June, 2005:

Ispat Industries Limited (IIL) has reported an increase of 137% in its Profit before Interest and Finance Charges, Depreciation and Deferred Revenue Expenditure (EBIDTA) of Rs.1496.13 crores for the financial year ended March 31, 2005 as against Rs.632.29 crores for the year ended March 31, 2004.

The annual results of the company were approved by the company's Board of Directors, which met earlier today to consider the company's performance.

According to the press-release issued by the company today, Ispat Industries Limited recorded an Income from Operations of Rs. 6459.39 crores for the financial year ended March 31, 2005 registering an increase of 57% over the previous financial year.

In the year under review, the company produced more than 1.96 million tonnes of Hot Rolled Coils, an increase of around 22% over the previous financial year.

The Net Profit for the year was Rs. 696.06 crores

The company has reported that the capacity of its Hot Rolled Coil Mill is sought to be enhanced to 3.0 million tonnes per annum by September 2005.

Ispat posts Rs 497.70 crore Q3 PAT
January 25, 2005

Ispat Industries Limited (IIL) posted a profit after tax (PAT) of Rs 497.70 crore for the quarter ended December 2004 (Q3) as against a PAT of Rs 28.28 crore during the third quarter ended December 31, 2003.

IIL registered a net total income of Rs 1643.18 crore in the third quarter of October-December 2004, an increase of 55 per cent compared to its income of Rs 1061.91 crore posted in the corresponding period of last year.

IIL’s PAT was boosted by exceptional earnings of Rs 405.14 crore, arising from the settlement of the $125 million Euro bonds. During the quarter, IIL reached an agreement with Euro bondholders to settle the principal and outstanding amount at 25 cents to a dollar.

Notwithstanding income from exceptional items, IIL’s earnings before interest, depreciation and tax (EBIDTA) for Q3 2004-05 stood at Rs 418.23 crore, a 135 per cent increase compared to an EBIDTA of Rs 177.8 crore recorded in Q3 of last year.

IIL’s profit before tax (PBT) and exceptional items for Q3 2004-05 at Rs 135.36 crore also registered a 224 per cent increase compared to PBT and exceptional items in Q3 of 2003-04.

M/s Ispat Metallics India Limited (IMIL) is proposed to be merged with the company effective from April 1, 2004. Pending various approvals concerning this merger, the above results are exclusive of the provisional losses of IMIL, aggregating to Rs 351 crore approximately for the nine-month period ended December 31, 2004.

The Board of Directors of IIL approved the company’s unaudited financial results for the quarter ended December 31, 2004 at its meeting held in Mumbai on January 24, 2005.

For the nine months ended December 31, 2004, IIL posted a PAT of Rs 529.55 crore compared to a PAT of Rs 17.94 crore for the corresponding period last year. IIL’s EBIDTA for the nine months ended December 31, 2004, at Rs 1037.90 crore saw an increase of over 145 per cent compared to last year’s corresponding nine month EBIDITA of Rs 424.37 crore.

IIL’s PBT for the first nine months ended December 31, 2004 was at Rs 586.69 crore compared to a PBT of Rs 28.02 crore in the corresponding period of last year, registering an increase of 1994 per cent.

In Q3 2004-05, IIL produced 5.30 lakh tonnes of hot rolled steel, which was higher by 25 per cent compared to the same period last year. The F.O.B. value of IIL’s exports for the nine-month period ended December 31, 2004 stood at Rs 1258.13 crore, a 124 per cent increase compared to the same period last year.

IIL’s 2.4 million tonne (MT) hot rolled steel making capacity at Dolvi is being increased to over 3 MT. Implementations of the sinter plant, an oxygen plant and a second electric arc furnace are in the advanced stages. The completion of the above facilities would add to the profitability of the company.




Ispat posts impressive Rs 77.47 crore Q2 PAT
October 26, 2004

Ispat Industries Limited (IIL) posted a profit after tax (PAT) of Rs 77.47 crore for the quarter ended September 2004 as against a net loss of Rs 21.24 crore during the corresponding quarter last year.

IIL registered an income from operation of Rs 1589.99 crore in Q2 2004-05, an increase of 70 per cent over the income of Rs 936.61 crore posted in the same period last year. IIL's total income, net of excise, at Rs 1523.32 crore in the current year's Q2, saw an increase of 77.4 per cent over the corresponding income of Rs 858.7 crore in Q2 of last year.

IIL's earnings before interest, depreciation and tax (EBIDTA) for Q2 2004-05, at Rs 412.48 crore, saw an almost 3-fold jump compared to an EBIDTA of Rs 139.96 crore recorded in Q2 of last year.

The Board of Directors of IIL approved the company's unaudited financial results for the quarter ended September 30, 2004 at its meeting in Mumbai on October 25, 2004.

For the six months ended September 30, 2004, IIL posted a PAT of Rs 31.85 crore compared to a net loss of Rs 10.34 crore for the corresponding period last year. IIL’s EBIDTA for the six months ended September 30, 2004 was Rs 619.67 crore, an increase of over 150 per cent compared to the corresponding six months of last year. IIL’s PBT for the first six months ended September 30, 2004 stood at Rs 46.19 crore compared to a net loss of Rs 13.77 crore in the corresponding period last year.

The company produced 9.13 lakh tonnes of hot rolled steel, 1.81 lakh tonnes of cold rolled steel and 1.84 lakh tonnes of galvanised steel in the first six months ending September 30, 2004, registering increases of 21.33 per cent, 17.65 per cent and 20.20 per cent respectively, compared to same period last year.

The F.O.B. value of IIL’s exports for the six month period ending September 30, 2004 stood at Rs 843 crore, representing an increase of over 132 per cent compared to the corresponding period last year.

IIL’s 2.4 million tonne hot rolled steel making capacity at Dolvi will be increased to over 3 million tonnes by March 2005.

Ispat Industries reports 44 per cent jump in PBID
June 30, 2004

Ispat Industries Limited has reported an increase of 44 per cent in its Profit Before Interest, Finance Charges and Depreciation to Rs 632.29 crore for the financial year ended March 31, 2004, as against Rs 438.44 crore for the year ended March 31, 2003.

The annual results of the company were placed before the company’s Board of Directors which met earlier today to consider the company’s performance.

Ispat Industries Limited recorded an Income from Operations of Rs 4114.71 crore for the financial year ended March 31, 2004, registering an increase of 22 per cent over the previous financial year.

In the year under review, the company produced more than 1.6 million tonnes of hot rolled coils, an increase of over 30 per cent as compared to the previous year.

The Profit After Tax for the year was Rs 44.32 crore.

The company has reported that the capacity of its Hot Rolled Coil Mill stands enhanced to 2.4 million tonnes per annum (MTPA). It is now going ahead with the remainder of its expansion programme during 2004-05 by augmenting its capacity to 3 MTPA.

Ispat in black, net at Rs 28.28 crore
January 30, 2004


Ispat Industries Limited has recorded a net profit of Rs 28.28 crore for the third quarter ended December 31, 2003, against a net loss of Rs 17.95 crore in the corresponding quarter of the previous year.

The company's net sales rose 39.5 per cent at Rs 1,169.06 crore (Rs 837.7 crore). Interest charges declined 16.6 per cent at Rs 78.16 crore (Rs 93.76 crore), while depreciation costs remained flat at Rs 53.62 crore (Rs 53.67 crore).

For the nine months ended December 31, 2003, net profit was at Rs 17.94 crore, against a net loss of Rs 100.48 crore in the corresponding period of the previous year.

Net sales for the period rose 28.9 per cent to Rs 2,923.82 crore (Rs 2,266.96 crore). Production of hot-rolled coils increased by 33 per cent.

IIL's Q3 sales surge to Rs 1,169 crore
January 29, 2004