AUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED DECEMBER 31, 2005

ISPAT INDUSTRIES LIMITED
AUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED DECEMBER 31, 2005

(Rs Crore)
	Sl. No.	Particular	Nine months ended 31st December		Quarter ended 31st December
			2005	2004	2005	2004
			Audited	Unaudited	Audited	Unaudited
	1	Sales/Income from Operations	4120.97	4637.62	1423.40	1740.22
		Less : Excise Duty	454.44	255.32	159.29	101.34
			3666.53	4382.30	1264.11	1638.88
	2	Other Income	41.67	27.19	13.59	4.30

	3	Total Income (1+2)	3708.20	4409.49	1277.70	1643.18

	4	Total Expenditure
		a) (Increase) / Decrease in Stock in Trade	(73.23)	2.37	(35.91)	(1.25)
		b) Materials Consumed	2250.43	2201.59	734.67	839.38
		c) Purchase of Finished Goods	-	-	-	-
		d) Power & Fuel Cost	622.61	475.66	248.32	174.04
		e) Personnel Cost	97.02	82.22	34.64	31.36
		f) Other Expenditure	662.61	609.75	221.09	181.42
		Total Expenditure (4a to 4f)	3559.44	3371.59	1202.81	1224.95

	5	Profit/(Loss) before interest & Finance Charges, Depreciation, Deferred Revenue Expenditure, Exceptional Items & Tax (3-4)	148.76	1037.90	74.89	418.23

	6	Interest & Finance Charges	691.87	493.77	240.52	150.70

	7	Depreciation	428.30	326.90	145.37	105.07

	8	Deferred Revenue Expenditure Written off	-	35.68	-	27.10

	9	Profit/(Loss) before Exceptional Items & Tax (5-6-7-8)	(971.41)	181.55	(311.00)	135.36

	10	Exceptional Items (Net)	-	405.14	-	405.14

	11	Profit/(Loss) before Tax (9-10)	(971.41)	586.69	(311.00)	540.50

	12	Provision for Taxation (Net)
		- Current	(0.02)	0.65	(0.02)	-
		- Deferred Tax (Charge)/Credit	315.42	(57.79)	95.20	(42.80)
		- Fringe Benefit Tax	(3.52)	-	(1.21)	0.00

	13	Net Profit/(Loss) (11-12)	(659.53)	529.55	(217.03)	497.70

	14	Share of Loss of an associate company	-	-	-	-

	15	Consolidated Profit/(Loss) (13-14)	-	-	-	-

	16	Paid-Up Equity Share Capital	1218.38	685.77	1218.38	685.77
		(Equity Share of Rs.10/- each)

	17	Reserves excluding Revaluation Reserve	-	-	-	-

	18	Basic EPS (Rs.)	(6.59)	7.02	(2.13)	6.98
		Diluted EPS (Rs.)	(6.59)	5.34	(2.13)	5.31
		(Not Annualised)

	19	Aggregate of Non promoter shareholding
		- Number of shares	592638300	315238656	592638300	315238656
		- Percentage of shareholding	48.48	45.52	48.48	45.52

ISPAT INDUSTRIES LIMITED
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED SEPTEMBER 30, 2005

(Rs Crore)
SN	Particulars	Unaudited		Unaudited		Audited
SN	Particulars	2005	2004	2005	2004	2005

1	Sales/Income from Operations	1337.64	1589.99	2648.79	2897.40	6459.39
	Less : Excise Duty	139.24	90.77	288.40	153.98	381.31
		1198.40	1499.22	2360.39	2743.42	6078.08
2	Other Income (1+2)	8.50	19.59	25.93	22.89	34.81

3	Total Income (1+2)	1206.90	1518.81	2386.32	2766.31	6112.89

4	Total Expenditure
	a) (Increase) / Decrease in Stock in Trade	172.13	23.21	(40.09)	3.62	11.27
	b) Materials Consumed	689.88	691.05	1455.89	1362.21	3025.66
	c) Power & Fuel Cost	192.36	165.41	334.36	301.62	632.91
	d) Personnel Cost	27.20	27.62	55.78	50.86	112.43
	e) Other Expenditure	196.41	199.04	383.47	428.33	834.49
	Total Expenditure (4a to 4e)	1277.98	1106.33	2189.41	2146.64	4616.76

5	Profit before Interest & Finance Charges, Depreciation, Deferred Revenue Expenditure & Exceptional Items (3-4)	(71.08)	412.48	196.91	619.67	1496.13

6	Interest & Finance Charges	168.59	178.61327.21	343.07	534.06	534.06

7	Depreciation	106.73	112.71	213.72	221.83	435.99

8	Deferred Revenue Expenditure Written off	-	4.29	-	8.58	35.68

9	Profit before Exceptional Items (5-6-7-8)	(346.40)		(70.48)		490.40

10	Exceptional Items (Net)	-	-	-	-	405.14

11	Profit/ (Loss) before Tax (9-10)	(346.40)	116.67	(344.02)	46.19	895.54

12	Provision for Taxation (Net)
	- Current	-	0.65	-	0.65	0.62
	- Deferred Tax Charge /(Credit)	114.82	(39.85)	114.53	(14.99)	(200.10)
	- Fringe Benefit Tax	(1.25)	-	(2.14)	-	-

13	Net Profit / (Loss) (11-12)	(232.83)	77.47	(231.63)	31.65	696.06

14	Paid-Up Equity Share Capital (Equity Share of Rs 10/- each)	685.81	685.77	685.81	685.77	685.80

15	Reserves excluding Revaluation Reserve	-		-		745.56

16	Basic EPS (Rs)	(3.57)	0.91	(3.57)	0.04	9.34
	Diluted EPS (Rs)	(3.57)	0.70	(3.57)	0.03	7.05
	(Not Annualised)

17	Aggregate of Non-Promoter Shareholding
	- Number of shares	361235140	361235140	361235140	361235140	361235140
	- Percentage of shareholding	52.16	52.16	52.16	52.16	52.16

Notes

The second Electric Arc Furnace has been commissioned during the first week of October 2005 and trial production is in progress. This will increase the annual capacity of the Hot Rolled Coil plant to 3.0 Mio. MTs from 2.4 Mio. MTs. The other projects, namely, Sinter Plant and 1260 TPD Oxygen Plant are likely to be completed during the current quarter December 2005, which will reduce the operating costs.

During the quarter ended 30th September 2005, the Company's operations were affected due to extensive floods in Maharashtra, significant fall in finished steel prices and restricted supply of Natural Gas due to fire in Bombay High.

3(a)

The conversion of equity into 0.01% Cumulative Redeemable Preference Shares (CRPS) and allotment of Equity Shares in terms of the Scheme of Reconstruction and Amalgamation is yet to be effected pending completion of the legal formalities.

3(b)

M/s Ispat Metallics India Limited (IMIL) is proposed to be merged with the company effective from 1st April 2004. The Hon'ble High Courts at Calcutta and Bombay have approved the Scheme of Reconstruction and Amalgamation. Pending further compliances, relating to the merger, the above results are exclusive of the losses of IMIL, aggregating to Rs. 483 crores and Rs. 211 crores (including Rs. 130 crores for the quarter) for the year ended 31st March 2005 and six months period ended 30th September 2005 respectively.

The company has identified Iron & Steel products as its sole operating segment and, hence, no further disclosure is required under Accounting Standard 17.

Previous period figures have been re-grouped / re-arranged wherever necessary.

At the beginning of the quarter ended 30th September 2005, there were no complaints from investors pending for disposal. During the quarter, 406 complaints were received and all 406 complaints were disposed. At the end of the quarter, no complaints from investors were pending for disposal.

The above results were reviewed by the Audit Committee and taken on record by the Board of Directors at their respective meetings held on 25th October, 2005.

Place: Mumbai Dated: October 25, 2005	For and on behalf of the Board
		Anil Sureka Executive Director (Finance)

ISPAT INDUSTRIES LIMITED

AUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED JUNE 30, 2005

(Rs Crore)

SN	Particulars	Audited	Unaudited	Audited
		Quarter ended June 30		Year Ended March 31
		2005	2004	2005

1	Sales/Income from Operations	1311.15	1307.41	6459.39
	Less : Excise Duty	149.16	63.21	381.31
		1161.99	1244.20	6078.08
2	Other Income (1+2)	17.43	3.30	34.81

3	Total Income (1+2)	1179.42	1247.50	6112.89

4	Total Expenditure
	a) (Increase) / Decrease in Stock in Trade	(212.22)	(19.59)	11.27
	b) Materials Consumed	766.01	671.16	3025.66
	c) Power & Fuel Cost	142.00	136.21	632.91
	d) Personnel Cost	28.58	23.24	112.43
	e) Other Expenditure	187.06	229.29	834.49
	Total Expenditure (4a to 4e)	911.43	1040.31	4616.76

5	Profit before Interest & Finance Charges, Depreciation, Deferred Revenue Expenditure & Exceptional Items (3-4)	267.99	207.19	1496.13
5

6	Interest & Finance Charges	158.62	164.46	534.06

7	Depreciation	106.99	108.92	435.99

8	Deferred Revenue Expenditure Written off	-	4.29	35.68

9	Profit before Exceptional Items (5-6-7-8)	2.38	(70.48)	490.40

10	Exceptional Items (Net)	-	-	405.14

11	Profit before Tax (9+10)	2.38	(70.48)	895.54

12	Provision for Taxation (Net)
	- Current (Including relating to earlier years)	-	-	(0.62)
	- Deferred Tax Charge /(Credit)	0.29	(24.86)	200.10
	- Fringe Benefit Tax	0.89	-	-

13	Net Profit / (Loss) (11-12)	1.20	(45.62)	696.06

14	Paid-Up Equity Share Capital (Equity Share of Rs 10/- each)	685.81	685.77	685.80

15	Reserves excluding Revaluation Reserve	-	-	745.56

16	Basic EPS (Rs)	(0.19)	(0.88)	9.34
	Diluted EPS (Rs)	(0.19)	(0.88)	7.05
	(Not Annualised)

17	Aggregate of Non-Promoter Shareholding
	- Number of shares	315238656	315238656	315238656
	- Percentage of shareholding	45.52	45.52	45.52

Notes

The company's projects, namely, Sinter Plant, Oxygen Plant and Electric Arc Furnace (II) are likely to be completed during the next quarter adding to the company's production capacity and also reduce operating costs with consequent improvement in profitability.

2(a)

2(b)

M/s Ispat Metallics India Limited (IMIL) is proposed to be merged with the company effective from 1st April 2004. The Hon'ble High Courts at Calcutta and Bombay have approved the Scheme of Reconstruction and Amalgamation. Pending further compliances, relating to the merger, the above results are exclusive of the provisional losses of IMIL, aggregating to Rs. 483 crores approximately and Rs. 81 crores approximately for the year ended 31st March 2005 and quarter ended 30th June 2005 respectively.

2(c)

M/s Ispat Metallics India Limited (IMIL) is proposed to be merged with the company effective from April 1, 2004. Pending various approvals concerning the above 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. Further, based on legal opinion obtained by the company, no provision has been considered for minimum alternate tax, in view of the above losses of IMIL and brought forward business losses of the company.

Other expenditure in clause 4(e) above includes Rs. 19.47 crores being the loss on fixed assets discarded during the quarter, upon revamping and modification of the Sponge Iron Plant.

The company has identified Iron & Steel products as its sole operating segment and, hence, no further disclosure is required under Accounting Standard 17.

Previous period figures have been re-grouped / re-arranged wherever necessary.

At the beginning of the quarter ended 30th June 2005, there were 3 complaints from investors pending for disposal. During the quarter, 435 complaints were received and 438 complaints were disposed. At the end of the quarter, no complaints from investors were pending for disposal.

The above results for the Quarter ended 30th June, 2005 were reviewed by the Audit Committee and taken on record by the Board of Directors at their respective meetings held on 30th August, 2005.

The above results were reviewed by the Audit Committee and taken on record by the Board of Directors at their meeting held on January 24, 2005 and have been subjected to a limited review by the company’s statutory auditors.

Place: Mumbai Dated: August 30, 2005	For and on behalf of the Board
		Anil Sureka Executive Director (Finance)