Jindal Steel & Power Records 105% Rise In Net At Rs 60 Crore

New Delhi, January 23: | Updated: Jan 24 2003, 05:30am hrs
Jindal Steel & Power (JSPL) has recorded a 105 per cent increase in net profit at Rs 60.21 crore on an increased turnover of Rs 267.82 crore for the third quarter ended December 31, 2002.

Gross sales during the quarter increased by 80 per cent to Rs 300.07 crore compared to Rs 166.58 crore in the corresponding period in the previous year.

Our turnover is set to cross Rs 1,000 crore this fiscal. We are targeting revenues of Rs 1,500 crore in 2003-04, JSPL executive vice-chairman and managing director Naveen Jindal told newspersons on Thursday.

The rail and universal beam mill project will roll out production from March this year.

The company has given presentations to the Railways for supplying the worlds longest rail of 120-metres length, but no orders have been booked as yet.

The mill will produce large parallel flange beams and columns, which can be used in power plants, bridges, buildings etc.

According to the companys estimates, there will be a demand of around 800,000 tonnes per annum as against 600,000 tonnes at present.

Besides the Railways as customers, the company hopes that the beams may be used in the construction of bridges, houses, buildings and is in talks with NTPC and L&T.

We have received enquiries from private builders involved in the construction of ports wherein the demand may be in the region of 8 to 10,000 tonnes, Mr Jindal said.

JSPL, with the countrys largest coal-based sponge iron manufacturing facility, has achieved the highest ever production of sponge iron of 4.31 lakh metric tonnes during the nine months ended December 31 as against 4.03 lakh metric tonnes in the corresponding nine months of the previous year, registering a growth of 7 per cent.

Sponge iron prices are firming up and market for steel is also doing well. The company expects to perform better in the following quarter.

For the nine month period ended December 2002, JSPL has achieved a 61 per cent growth in net profit to Rs 130.59 crore as against Rs 81.18 crore in the previous year.