Total Income (Net
of Excise) at Rs. 1437.94 cr.;
Net Profit at Rs. 69.39 cr. for the quarter ended
Sept. 30, 2004
October 25, 2004
Financial Performance
Essar
Steel Limited (ESTL) registered a total income of
Rs.1437.94 crore (Net of Excise) for the quarter
ended September 30, 2004 compared to Rs.836.82 crore
in the corresponding period of the previous year.
The net profit was Rs. 69.39 crore (Loss of Rs.26.54
crore) after providing for finance costs of Rs.136.05
crore (Rs121.15 crore), depreciation of Rs.94.06
crore (Rs. 102.84 crore) and credit for Deferred
Tax of 42.41 crore (Rs.9.93 cr.).
Operating
Performance
ESTL's steel
production during the period grew by more than 15%,
ending the quarter with a total production of 5.35
Lakh tonnes (4.65 Lakh tonnes).
Total domestic sales registered a growth of 17%
at 3.37 Lakh tonnes (2.87 Lakh tonnes) Exports
during the quarter are lower by 1% at 1.97 Lakh
tonnes, (1.98Lakh tonnes) .
Market Outlook
Raw
material prices and freight rates remained firm
during the quarter under review. Domestic and international
demand for steel continues to remain firm. International
steel production has touched the billion tonne mark.
All the economies across the world, including that
of Japan, have shown robust growth.
CORPORATE